Does Starbase depend on Bitcoin? According to the correlation analysis, BTC and STAR have a strong positive relationship. The correlation coefficient of their values is 0.64, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.
This coefficient may change 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 coins are moving in the reversed trend while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and Starbase connection is positively strong, it means that when BTC is growing STAR will rise as well. The negative strong relation will tell that when BTC is growing STAR price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Starbase. If we take all the circumstances affecting the price of STAR as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other things, such as news, technological releases or crypto related laws.