Does Advanced Browsing Token depend on Bitcoin? Based on the correlation analysis, BTC and ABT have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was computed based on the last 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 means that the prices of the assets are moving in the reversed direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Advanced Browsing Token connection is positively strong, it means that when BTC is growing ABT will grow as well. The negative strong relation will indicate that when BTC is growing ABT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Advanced Browsing Token. If we take all the aspects affecting the price of ABT as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other circumstances, such as news, technological releases or regulations.