Does Aston depend on Bitcoin? According to the correlation analysis, BTC and ATX* have a strong negative relationship. The correlation coefficient of their values is -0.52, which was measured based on the previous 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 coins are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Aston connection is positively strong, it means that when BTC is growing ATX* will rise as well. The negative strong relation will tell that when BTC is growing ATX* price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Aston. If we take all the aspects affecting the price of ATX* as 100%, then the share of BTC price among these factors will be 27.04%. The other part which is 72.96% covers all the other circumstances, such as media, technological releases or crypto related laws.