Does Token as a Service depend on Bitcoin? Based on the correlation analysis, BTC and TAAS have a very strong positive relationship. The correlation coefficient of their prices is 0.86, which was calculated based on the last 100-days' price movements of both assets.
This coefficient may adjust 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 currencies are moving in the opposite trend while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and Token as a Service connection is positively strong, it means that when BTC is growing TAAS will rise as well. The negative strong relation will point that when BTC is rising TAAS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Token as a Service. If we take all the factors affecting the price of TAAS as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other circumstances, such as media, events or regulations.