Does Ahoolee depend on Bitcoin? Based on the correlation analysis, BTC and AHT have no or negligible relationship. The correlation coefficient of their values is -0.07, which was computed based on the last 100-days' price dynamics of both currencies.
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 tells that the prices of the assets are moving in the contrary direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Ahoolee connection is positively strong, it means that when BTC is growing AHT will rise as well. The negative strong relation will tell that when BTC is rising AHT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Ahoolee. If we take all the circumstances affecting the price of AHT as 100%, then the share of BTC price among these factors will be 0.49%. The other part which is 99.51% covers all the other things, such as news, events or regulations.