Does ArbitrageCT depend on Bitcoin? Based on the correlation analysis, BTC and ARCT have no relationship. The correlation coefficient of their prices is 0.00, which was calculated 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 means that the prices of the currencies are moving in the contrary trend while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and ArbitrageCT connection is positively strong, it means that when BTC is growing ARCT will grow as well. The negative strong relation will show that when BTC is growing ARCT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ArbitrageCT. If we take all the factors affecting the price of ARCT as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as news, technological releases or crypto related laws.