Does Aurora depend on Bitcoin? Based on the correlation analysis, BTC and AOA have a very strong positive relationship. The correlation coefficient of their prices is 0.78, which was measured based on the previous 100-days' price dynamics 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 indicates that the prices of the coins are going in the contrary trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and Aurora connection is positively strong, it means that when BTC is rising AOA will rise as well. The negative strong relation will indicate that when BTC is rising AOA price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Aurora . If we take all the factors affecting the price of AOA as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other circumstances, such as media, events or politics.