Does Aeryus depend on Bitcoin? Based on the correlation analysis, BTC and AER have a moderate negative relationship. The correlation coefficient of their prices is -0.33, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 indicates that the prices of the currencies are going in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Aeryus connection is positively strong, it means that when BTC is rising AER will grow as well. The negative strong relation will show that when BTC is growing AER price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Aeryus. If we take all the circumstances affecting the price of AER as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other things, such as news, events or regulations.