Does Achain depend on Bitcoin? Based on the correlation analysis, BTC and ACT* have a very strong positive relationship. The correlation coefficient of their values is 0.72, which was computed based on the previous 100-days' price fluctuations of both currencies.
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 assets are going in the reversed direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Achain connection is positively strong, it means that when BTC is growing ACT* will grow as well. The negative strong relation will tell that when BTC is rising ACT* value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Achain. If we take all the factors affecting the price of ACT* 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 aspects, such as news, technological releases or crypto related laws.