Does AMIS depend on Bitcoin? Based on the correlation analysis, BTC and AMIS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 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 shows that the prices of the assets are going in the opposite trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and AMIS connection is positively strong, it means that when BTC is growing AMIS will grow as well. The negative strong relation will show that when BTC is rising AMIS value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over AMIS. If we take all the factors affecting the price of AMIS 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, technological releases or politics.