Does STK Token depend on Bitcoin? According to the correlation analysis, BTC and STK have a very strong positive relationship. The correlation coefficient of their prices is 0.82, which was computed based on the previous 100-days' price movements of both currencies.
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 shows that the prices of the assets are going in the opposite direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and STK Token connection is positively strong, it means that when BTC is growing STK will rise as well. The negative strong relation will indicate that when BTC is rising STK price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over STK Token. If we take all the things affecting the price of STK as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other factors, such as news, events or regulations.