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ArtPro (ATP)

Correlation

0.47

Influence

22.09%

Bitcoin and ArtPro Correlation

Does ArtPro depend on Bitcoin? According to the correlation analysis, BTC and ATP have a strong positive relationship. The correlation coefficient of their values is 0.47, which was computed based on the last 100-days' price fluctuations of both currencies.

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 points that the prices of the assets are moving in the reversed direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and ArtPro connection is positively strong, it means that when BTC is growing ATP will grow as well. The negative strong relation will point that when BTC is growing ATP value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over ArtPro. If we take all the things affecting the price of ATP as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other things, such as media, technological releases or crypto related laws.