Does Action Coin depend on Bitcoin? According to the correlation analysis, BTC and ACTN have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was measured based on the previous 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 means that the prices of the coins are going in the reversed direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Action Coin connection is positively strong, it means that when BTC is growing ACTN will grow as well. The negative strong relation will indicate that when BTC is rising ACTN value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Action Coin. If we take all the circumstances affecting the price of ACTN as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other circumstances, such as news, technological releases or politics.