Does AXRON depend on Bitcoin? According to the correlation analysis, BTC and AXR have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both coins.
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 means that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and AXRON connection is positively strong, it means that when BTC is growing AXR will rise as well. The negative strong relation will indicate that when BTC is rising AXR price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over AXRON. If we take all the circumstances affecting the price of AXR as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as news, technological releases or regulations.