Aurora (AURA)





Bitcoin and Aurora Correlation

Does Aurora depend on Bitcoin? Based on the correlation analysis, BTC and AURA have a strong positive relationship. The correlation coefficient of their prices is 0.46, which was estimated based on the previous 100-days' price movements of both currencies.

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 shows that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Aurora connection is positively strong, it means that when BTC is rising AURA will grow as well. The negative strong relation will show that when BTC is growing AURA 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 AURA as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other aspects, such as media, technological releases or crypto related laws.