Bitcoin and ANON Correlation

Does ANON depend on Bitcoin? According to the correlation analysis, BTC and ANON have a very strong positive relationship. The correlation coefficient of their prices is 0.79, which was computed based on the last 100-days' price fluctuations of both currencies.

This coefficient may vary 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 indicates that the prices of the assets are moving in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and ANON connection is positively strong, it means that when BTC is rising ANON will grow as well. The negative strong relation will indicate that when BTC is growing ANON price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over ANON. If we take all the circumstances affecting the price of ANON as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other factors, such as media, events or politics.