Does ArcticCoin depend on Bitcoin? Based on the correlation analysis, BTC and ARC have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was estimated based on the last 100-days' price dynamics of both currencies.
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 cryptocurrencies are moving in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and ArcticCoin connection is positively strong, it means that when BTC is growing ARC will grow as well. The negative strong relation will indicate that when BTC is growing ARC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ArcticCoin. If we take all the factors affecting the price of ARC as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other aspects, such as news, technological releases or politics.