Does AdvancedInternetBlock depend on Bitcoin? Based on the correlation analysis, BTC and AIB have no or negligible relationship. The correlation coefficient of their values is -0.01, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the assets are going in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and AdvancedInternetBlock connection is positively strong, it means that when BTC is rising AIB will rise as well. The negative strong relation will show that when BTC is growing AIB value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over AdvancedInternetBlock. If we take all the things affecting the price of AIB as 100%, then the share of BTC price among these factors will be 0.01%. The other part which is 99.99% covers all the other aspects, such as media, events or regulations.