Does AlienCoin depend on Bitcoin? Based on the correlation analysis, BTC and ALN have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price movements of both cryptocurrencies.
This coefficient may adjust 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 coins are moving in the opposite trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and AlienCoin connection is positively strong, it means that when BTC is rising ALN will grow as well. The negative strong relation will indicate that when BTC is growing ALN price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over AlienCoin. If we take all the aspects affecting the price of ALN 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 things, such as media, technological releases or politics.