Does ATLANT depend on Bitcoin? According to the correlation analysis, BTC and ATL have a very strong positive relationship. The correlation coefficient of their prices is 0.83, which was estimated based on the previous 100-days' price dynamics of both coins.
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 shows that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and ATLANT connection is positively strong, it means that when BTC is rising ATL will grow as well. The negative strong relation will show that when BTC is rising ATL value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ATLANT. If we take all the aspects affecting the price of ATL as 100%, then the share of BTC price among these factors will be 68.89%. The other part which is 31.11% covers all the other things, such as news, events or crypto related laws.