Does AirToken depend on Bitcoin? According to the correlation analysis, BTC and AIR have a strong positive relationship. The correlation coefficient of their values is 0.68, which was measured based on the last 100-days' price movements of both cryptocurrencies.
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 indicates that the prices of the coins are moving in the opposite trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and AirToken connection is positively strong, it means that when BTC is rising AIR will grow as well. The negative strong relation will show that when BTC is growing AIR value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over AirToken. If we take all the factors affecting the price of AIR as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as news, events or crypto related laws.