Does Alpenschillling depend on Bitcoin? Based on the correlation analysis, BTC and ALPS have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may range 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 points that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and Alpenschillling connection is positively strong, it means that when BTC is growing ALPS will grow as well. The negative strong relation will point that when BTC is rising ALPS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Alpenschillling. If we take all the things affecting the price of ALPS 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 circumstances, such as news, events or regulations.