Does Aquachain depend on Bitcoin? Based on the correlation analysis, BTC and AQUA have no or negligible relationship. The correlation coefficient of their prices is -0.14, which was measured based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may range 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 coins are going in the opposite trend while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Aquachain connection is positively strong, it means that when BTC is growing AQUA will rise as well. The negative strong relation will point that when BTC is rising AQUA price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Aquachain. If we take all the things affecting the price of AQUA as 100%, then the share of BTC price among these factors will be 1.96%. The other part which is 98.04% covers all the other factors, such as news, events or crypto related laws.