Does Adshares depend on Bitcoin? Based on the correlation analysis, BTC and ADST have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was computed based on the previous 100-days' price fluctuations of both coins.
This coefficient may range 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 indicates that the prices of the assets are going in the reversed direction while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Adshares connection is positively strong, it means that when BTC is growing ADST will rise as well. The negative strong relation will show that when BTC is growing ADST price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Adshares. If we take all the things affecting the price of ADST as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other aspects, such as media, events or regulations.