Does Agoras Token depend on Bitcoin? Based on the correlation analysis, BTC and AGRS have a very strong positive relationship. The correlation coefficient of their prices is 0.85, which was calculated based on the last 100-days' price movements of both assets.
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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and Agoras Token connection is positively strong, it means that when BTC is rising AGRS will rise as well. The negative strong relation will indicate that when BTC is rising AGRS value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Agoras Token. If we take all the factors affecting the price of AGRS as 100%, then the share of BTC price among these factors will be 72.25%. The other part which is 27.75% covers all the other circumstances, such as media, technological releases or regulations.