Does Straks depend on Bitcoin? Based on the correlation analysis, BTC and STAK have a very strong positive relationship. The correlation coefficient of their values is 0.91, 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 points that the prices are moving in the same trend. For instance, if Bitcoin and Straks connection is positively strong, it means that when BTC is rising STAK will grow as well. The negative strong relation will tell that when BTC is growing STAK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Straks. If we take all the aspects affecting the price of STAK 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 factors, such as news, events or regulations.