Does AmericanCoin depend on Bitcoin? According to the correlation analysis, BTC and AMC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both currencies.
This coefficient may change 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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and AmericanCoin connection is positively strong, it means that when BTC is growing AMC will grow as well. The negative strong relation will indicate that when BTC is rising AMC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over AmericanCoin. If we take all the aspects affecting the price of AMC 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 aspects, such as news, events or politics.