Does AcesCoin depend on Bitcoin? According to the correlation analysis, BTC and ACES have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations of both coins.
This coefficient may vary 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 moving in the reversed direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and AcesCoin connection is positively strong, it means that when BTC is growing ACES will rise as well. The negative strong relation will show that when BTC is rising ACES value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over AcesCoin. If we take all the aspects affecting the price of ACES 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 things, such as media, technological releases or regulations.