Does Vostok depend on Bitcoin? According to the correlation analysis, BTC and VST have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was computed based on the previous 100-days' price movements of both currencies.
This coefficient may change 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 tells that the prices are going in the identical direction. For instance, if Bitcoin and Vostok connection is positively strong, it means that when BTC is rising VST will rise as well. The negative strong relation will show that when BTC is growing VST value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Vostok. If we take all the circumstances affecting the price of VST as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other aspects, such as media, events or crypto related laws.