Does Alibabacoin depend on Bitcoin? According to the correlation analysis, BTC and ABBC have no or negligible relationship. The correlation coefficient of their prices is 0.18, which was calculated based on the previous 100-days' price movements of both coins.
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 means that the prices of the currencies are going in the opposite direction while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Alibabacoin connection is positively strong, it means that when BTC is growing ABBC will grow as well. The negative strong relation will point that when BTC is rising ABBC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Alibabacoin. If we take all the circumstances affecting the price of ABBC as 100%, then the share of BTC price among these factors will be 3.24%. The other part which is 96.76% covers all the other aspects, such as news, events or politics.