Does AERGO depend on Bitcoin? Based on the correlation analysis, BTC and AERGO have a strong negative relationship. The correlation coefficient of their prices is -0.43, which was calculated based on the last 100-days' price movements of both assets.
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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and AERGO connection is positively strong, it means that when BTC is growing AERGO will grow as well. The negative strong relation will point that when BTC is growing AERGO price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over AERGO . If we take all the factors affecting the price of AERGO as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other aspects, such as media, technological releases or crypto related laws.