Does TokenStars TEAM Token depend on Bitcoin? Based on the correlation analysis, BTC and TEAMT have a very strong positive relationship. The correlation coefficient of their values is 0.72, which was estimated based on the previous 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 points that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and TokenStars TEAM Token connection is positively strong, it means that when BTC is rising TEAMT will grow as well. The negative strong relation will point that when BTC is rising TEAMT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over TokenStars TEAM Token. If we take all the factors affecting the price of TEAMT as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other things, such as news, events or regulations.