Does Amero depend on Bitcoin? Based on the correlation analysis, BTC and AMX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 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 means that the prices of the coins are moving in the opposite trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Amero connection is positively strong, it means that when BTC is rising AMX will grow as well. The negative strong relation will tell that when BTC is growing AMX price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Amero. If we take all the aspects affecting the price of AMX 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 politics.