Does Aeternum depend on Bitcoin? Based on the correlation analysis, BTC and ATT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations 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 means that the prices of the assets are going in the reversed direction while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and Aeternum connection is positively strong, it means that when BTC is rising ATT will grow as well. The negative strong relation will point that when BTC is rising ATT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Aeternum. If we take all the factors affecting the price of ATT 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 circumstances, such as news, events or politics.