Does Anoncoin depend on Bitcoin? According to the correlation analysis, BTC and ANC 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 fluctuations of both cryptocurrencies.
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 indicates that the prices of the coins are moving in the reversed trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Anoncoin connection is positively strong, it means that when BTC is growing ANC will rise as well. The negative strong relation will indicate that when BTC is growing ANC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Anoncoin. If we take all the factors affecting the price of ANC 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 crypto related laws.