Does ALISmedia depend on Bitcoin? According to the correlation analysis, BTC and ALIS have a strong positive relationship. The correlation coefficient of their values is 0.68, 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 indicates that the prices of the currencies are going in the opposite direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and ALISmedia connection is positively strong, it means that when BTC is growing ALIS will grow as well. The negative strong relation will tell that when BTC is growing ALIS price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ALISmedia. If we take all the aspects affecting the price of ALIS 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 factors, such as news, technological releases or crypto related laws.