Does Artemine depend on Bitcoin? According to the correlation analysis, BTC and ARTE have a very strong positive relationship. The correlation coefficient of their values is 0.75, which was estimated based on the last 100-days' price movements of both assets.
This coefficient may vary 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 indicates that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Artemine connection is positively strong, it means that when BTC is rising ARTE will grow as well. The negative strong relation will point that when BTC is growing ARTE price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Artemine. If we take all the aspects affecting the price of ARTE as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other factors, such as news, technological releases or crypto related laws.