Does Aircoin depend on Bitcoin? According to the correlation analysis, BTC and AIR* have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may vary 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 cryptocurrencies are moving in the opposite direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Aircoin connection is positively strong, it means that when BTC is rising AIR* will rise as well. The negative strong relation will tell that when BTC is growing AIR* price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Aircoin. If we take all the things affecting the price of AIR* 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 factors, such as media, events or regulations.