Does ArubaCoin depend on Bitcoin? According to the correlation analysis, BTC and AUA have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price dynamics 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 contrary direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and ArubaCoin connection is positively strong, it means that when BTC is rising AUA will grow as well. The negative strong relation will tell that when BTC is rising AUA price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ArubaCoin. If we take all the things affecting the price of AUA as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or regulations.