Algory (ALG)





Bitcoin and Algory Correlation

Does Algory depend on Bitcoin? According to the correlation analysis, BTC and ALG have a very strong positive relationship. The correlation coefficient of their values is 0.72, which was estimated based on the previous 100-days' price dynamics 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 tells that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and Algory connection is positively strong, it means that when BTC is growing ALG will grow as well. The negative strong relation will indicate that when BTC is growing ALG value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Algory. If we take all the factors affecting the price of ALG as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other circumstances, such as media, technological releases or crypto related laws.