Does aXpire depend on Bitcoin? According to the correlation analysis, BTC and AXP have a strong positive relationship. The correlation coefficient of their prices is 0.47, which was estimated based on the previous 100-days' price dynamics of both coins.
This coefficient may change 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 contrary direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and aXpire connection is positively strong, it means that when BTC is rising AXP will rise as well. The negative strong relation will indicate that when BTC is growing AXP price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over aXpire. If we take all the factors affecting the price of AXP as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other factors, such as news, events or crypto related laws.