Does AidCoin depend on Bitcoin? According to the correlation analysis, BTC and AID have no or negligible relationship. The correlation coefficient of their values is -0.12, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may change 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 points that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and AidCoin connection is positively strong, it means that when BTC is growing AID will grow as well. The negative strong relation will indicate that when BTC is rising AID price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over AidCoin. If we take all the aspects affecting the price of AID as 100%, then the share of BTC price among these factors will be 1.44%. The other part which is 98.56% covers all the other factors, such as media, technological releases or crypto related laws.