Does ArtByte depend on Bitcoin? Based on the correlation analysis, BTC and ABY have a moderate positive relationship. The correlation coefficient of their values is 0.33, which was measured based on the last 100-days' price fluctuations of both assets.
This coefficient may range 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 coins are moving in the reversed trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and ArtByte connection is positively strong, it means that when BTC is rising ABY will grow as well. The negative strong relation will point that when BTC is rising ABY price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over ArtByte. If we take all the factors affecting the price of ABY as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other things, such as news, events or crypto related laws.