Does AGATE depend on Bitcoin? Based on the correlation analysis, BTC and AGT 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 dynamics 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 shows that the prices of the assets are going in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and AGATE connection is positively strong, it means that when BTC is growing AGT will rise as well. The negative strong relation will indicate that when BTC is rising AGT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over AGATE. If we take all the factors affecting the price of AGT 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, technological releases or regulations.