Does Aurora Coin depend on Bitcoin? Based on the correlation analysis, BTC and AUR have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may adjust 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 means that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Aurora Coin connection is positively strong, it means that when BTC is rising AUR will grow as well. The negative strong relation will indicate that when BTC is rising AUR value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Aurora Coin. If we take all the circumstances affecting the price of AUR as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other circumstances, such as news, technological releases or crypto related laws.