Does AnalCoin depend on Bitcoin? According to the correlation analysis, BTC and ANAL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price movements of both coins.
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 means that the prices of the currencies are going in the opposite direction while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and AnalCoin connection is positively strong, it means that when BTC is growing ANAL will rise as well. The negative strong relation will indicate that when BTC is rising ANAL value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over AnalCoin. If we take all the circumstances affecting the price of ANAL 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 factors, such as news, technological releases or crypto related laws.