Does Artcoin depend on Bitcoin? Based on the correlation analysis, BTC and ARS have no or negligible relationship. The correlation coefficient of their prices is 0.13, which was estimated based on the last 100-days' price fluctuations of both coins.
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 shows that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Artcoin connection is positively strong, it means that when BTC is growing ARS will rise as well. The negative strong relation will tell that when BTC is rising ARS value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Artcoin. If we take all the circumstances affecting the price of ARS as 100%, then the share of BTC price among these factors will be 1.69%. The other part which is 98.31% covers all the other aspects, such as news, events or regulations.