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AmberCoin (AMBER)

Correlation

-0.21

Influence

4.41%

Bitcoin and AmberCoin Correlation

Does AmberCoin depend on Bitcoin? Based on the correlation analysis, BTC and AMBER have a weak negative relationship. The correlation coefficient of their values is -0.21, which was computed based on the last 100-days' price movements of both assets.

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 assets are moving in the opposite trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and AmberCoin connection is positively strong, it means that when BTC is growing AMBER will rise as well. The negative strong relation will tell that when BTC is growing AMBER price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over AmberCoin. If we take all the circumstances affecting the price of AMBER as 100%, then the share of BTC price among these factors will be 4.41%. The other part which is 95.59% covers all the other factors, such as news, technological releases or politics.