Does Streamr DATAcoin depend on Bitcoin? Based on the correlation analysis, BTC and DATA have no or negligible relationship. The correlation coefficient of their values is 0.02, which was computed based on the last 100-days' price fluctuations of both assets.
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 tells that the prices of the assets are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and Streamr DATAcoin connection is positively strong, it means that when BTC is rising DATA will grow as well. The negative strong relation will tell that when BTC is rising DATA price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Streamr DATAcoin. If we take all the things affecting the price of DATA as 100%, then the share of BTC price among these factors will be 0.04%. The other part which is 99.96% covers all the other things, such as media, technological releases or regulations.