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AquariusCoin (ARCO)

Correlation

0.91

Influence

82.81%

Bitcoin and AquariusCoin Correlation

Does AquariusCoin depend on Bitcoin? Based on the correlation analysis, BTC and ARCO have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price dynamics of both assets.

This coefficient may adjust 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 cryptocurrencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and AquariusCoin connection is positively strong, it means that when BTC is growing ARCO will rise as well. The negative strong relation will point that when BTC is rising ARCO price will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over AquariusCoin. If we take all the aspects affecting the price of ARCO 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 factors, such as news, events or regulations.