Does Alphacat depend on Bitcoin? According to the correlation analysis, BTC and ACAT have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was calculated 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 means that the prices of the currencies are going in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Alphacat connection is positively strong, it means that when BTC is growing ACAT will rise as well. The negative strong relation will show that when BTC is rising ACAT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Alphacat. If we take all the factors affecting the price of ACAT as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other aspects, such as news, events or regulations.