Does Arbit Coin depend on Bitcoin? According to the correlation analysis, BTC and ARB have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements of both cryptocurrencies.
This coefficient may change 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 shows that the prices of the currencies are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Arbit Coin connection is positively strong, it means that when BTC is growing ARB will grow as well. The negative strong relation will point that when BTC is rising ARB value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Arbit Coin. If we take all the factors affecting the price of ARB 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 aspects, such as news, events or politics.