Does AeroMe depend on Bitcoin? Based on the correlation analysis, BTC and AM have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements of both currencies.
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 shows that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and AeroMe connection is positively strong, it means that when BTC is rising AM will grow as well. The negative strong relation will show that when BTC is growing AM price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over AeroMe. If we take all the factors affecting the price of AM as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as news, technological releases or crypto related laws.