Does Autumncoin depend on Bitcoin? According to the correlation analysis, BTC and ATM* have a weak negative relationship. The correlation coefficient of their prices is -0.20, which was calculated based on the last 100-days' price dynamics of both assets.
This coefficient may vary 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 currencies are moving in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and Autumncoin connection is positively strong, it means that when BTC is growing ATM* will grow as well. The negative strong relation will show that when BTC is rising ATM* value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Autumncoin. If we take all the factors affecting the price of ATM* as 100%, then the share of BTC price among these factors will be 4.00%. The other part which is 96.00% covers all the other factors, such as media, events or politics.