Does Auctus depend on Bitcoin? Based on the correlation analysis, BTC and AUC have a weak positive relationship. The correlation coefficient of their values is 0.28, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the coins are going in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Auctus connection is positively strong, it means that when BTC is growing AUC will rise as well. The negative strong relation will tell that when BTC is growing AUC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Auctus. If we take all the factors affecting the price of AUC as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other aspects, such as media, technological releases or crypto related laws.