Does Apx depend on Bitcoin? According to the correlation analysis, BTC and APX have a very strong positive relationship. The correlation coefficient of their prices is 0.89, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
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 means that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and Apx connection is positively strong, it means that when BTC is growing APX will rise as well. The negative strong relation will show that when BTC is rising APX price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Apx. If we take all the aspects affecting the price of APX as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other aspects, such as news, technological releases or politics.