Does ArpaCoin depend on Bitcoin? According to the correlation analysis, BTC and ARPA 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 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 currencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and ArpaCoin connection is positively strong, it means that when BTC is growing ARPA will rise as well. The negative strong relation will point that when BTC is growing ARPA price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ArpaCoin. If we take all the aspects affecting the price of ARPA 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 circumstances, such as media, events or politics.