Does ArtexCoin depend on Bitcoin? According to the correlation analysis, BTC and ATX have a very strong positive relationship. The correlation coefficient of their prices is 0.70, which was computed based on the last 100-days' price dynamics of both currencies.
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 indicates that the prices of the assets are moving in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and ArtexCoin connection is positively strong, it means that when BTC is rising ATX will rise as well. The negative strong relation will show that when BTC is growing ATX value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ArtexCoin. If we take all the circumstances affecting the price of ATX as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other circumstances, such as media, events or crypto related laws.