Does Argentum depend on Bitcoin? According to the correlation analysis, BTC and ARG have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations of both coins.
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 means that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Argentum connection is positively strong, it means that when BTC is growing ARG will rise as well. The negative strong relation will tell that when BTC is rising ARG price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Argentum. If we take all the factors affecting the price of ARG 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, technological releases or crypto related laws.