Does Atomic Coin depend on Bitcoin? Based on the correlation analysis, BTC and ATOM have a moderate positive relationship. The correlation coefficient of their prices is 0.33, which was calculated based on the previous 100-days' price dynamics of both coins.
This coefficient may range 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 currencies are going in the contrary direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Atomic Coin connection is positively strong, it means that when BTC is rising ATOM will rise as well. The negative strong relation will point that when BTC is growing ATOM value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Atomic Coin. If we take all the factors affecting the price of ATOM as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other circumstances, such as news, technological releases or crypto related laws.