Does Adbank depend on Bitcoin? Based on the correlation analysis, BTC and ADB have a strong positive relationship. The correlation coefficient of their prices is 0.47, which was measured based on the last 100-days' price movements of both cryptocurrencies.
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 means that the prices of the coins are moving in the opposite trend while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and Adbank connection is positively strong, it means that when BTC is rising ADB will rise as well. The negative strong relation will tell that when BTC is rising ADB price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Adbank. If we take all the aspects affecting the price of ADB as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other things, such as news, technological releases or regulations.