Does Stakers depend on Bitcoin? According to the correlation analysis, BTC and STA* have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations of both assets.
This coefficient may vary from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient tells that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Stakers connection is positively strong, it means that when BTC is rising STA* will grow as well. The negative strong relation will point that when BTC is growing STA* price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Stakers. If we take all the things affecting the price of STA* as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or regulations.