Does APIS depend on Bitcoin? According to the correlation analysis, BTC and APIS have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was computed based on the previous 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 tells that the prices of the assets are going in the reversed direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and APIS connection is positively strong, it means that when BTC is growing APIS will rise as well. The negative strong relation will point that when BTC is growing APIS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over APIS. If we take all the factors affecting the price of APIS as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other factors, such as news, events or crypto related laws.