Does Apollo Currency depend on Bitcoin? According to the correlation analysis, BTC and APL have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was measured 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 coins are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Apollo Currency connection is positively strong, it means that when BTC is growing APL will rise as well. The negative strong relation will show that when BTC is rising APL price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Apollo Currency. If we take all the factors affecting the price of APL 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 aspects, such as news, events or crypto related laws.