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Amon (AMN)

Correlation

0.35

Influence

12.25%

Bitcoin and Amon Correlation

Does Amon depend on Bitcoin? According to the correlation analysis, BTC and AMN have a moderate positive relationship. The correlation coefficient of their values is 0.35, which was calculated based on the previous 100-days' price dynamics of both assets.

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 tells that the prices of the currencies are going in the contrary trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Amon connection is positively strong, it means that when BTC is growing AMN will rise as well. The negative strong relation will point that when BTC is growing AMN value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Amon. If we take all the factors affecting the price of AMN as 100%, then the share of BTC price among these factors will be 12.25%. The other part which is 87.75% covers all the other circumstances, such as news, technological releases or regulations.