Does StarCoin depend on Bitcoin? Based on the correlation analysis, BTC and STAR* have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price movements of both coins.
This coefficient may range 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 shows that the prices of the currencies are going in the opposite direction while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and StarCoin connection is positively strong, it means that when BTC is growing STAR* will grow as well. The negative strong relation will tell that when BTC is rising STAR* price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over StarCoin. If we take all the factors affecting the price of STAR* 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 media, events or politics.