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StashPay (STP)

Correlation

0.68

Influence

46.24%

Bitcoin and StashPay Correlation

Does StashPay depend on Bitcoin? Based on the correlation analysis, BTC and STP have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 indicates that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and StashPay connection is positively strong, it means that when BTC is growing STP will rise as well. The negative strong relation will indicate that when BTC is growing STP value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over StashPay. If we take all the aspects affecting the price of STP as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, technological releases or regulations.