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ArgusCoin (ARGUS)

Correlation

-0.11

Influence

1.21%

Bitcoin and ArgusCoin Correlation

Does ArgusCoin depend on Bitcoin? According to the correlation analysis, BTC and ARGUS have no or negligible relationship. The correlation coefficient of their values is -0.11, which was estimated based on the last 100-days' price dynamics of both assets.

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 points that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and ArgusCoin connection is positively strong, it means that when BTC is growing ARGUS will rise as well. The negative strong relation will show that when BTC is rising ARGUS value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ArgusCoin. If we take all the aspects affecting the price of ARGUS as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other circumstances, such as news, events or politics.