Does Starta depend on Bitcoin? According to the correlation analysis, BTC and STA have a very strong positive relationship. The correlation coefficient of their values is 0.87, which was estimated 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 points that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Starta connection is positively strong, it means that when BTC is rising STA will grow as well. The negative strong relation will show that when BTC is rising STA value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Starta. If we take all the factors affecting the price of STA as 100%, then the share of BTC price among these factors will be 75.69%. The other part which is 24.31% covers all the other aspects, such as news, technological releases or politics.