Does Axiom Coin depend on Bitcoin? Based on the correlation analysis, BTC and AXIOM have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was estimated based on the last 100-days' price movements of both assets.
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 tells that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Axiom Coin connection is positively strong, it means that when BTC is growing AXIOM will grow as well. The negative strong relation will indicate that when BTC is growing AXIOM value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Axiom Coin. If we take all the factors affecting the price of AXIOM 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 factors, such as news, technological releases or crypto related laws.