Does Azart depend on Bitcoin? Based on the correlation analysis, BTC and AZART have a strong positive relationship. The correlation coefficient of their values is 0.61, which was measured based on the previous 100-days' price fluctuations of both coins.
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 indicates that the prices of the coins are going in the reversed direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Azart connection is positively strong, it means that when BTC is growing AZART will rise as well. The negative strong relation will show that when BTC is rising AZART price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Azart. If we take all the factors affecting the price of AZART as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other circumstances, such as media, technological releases or crypto related laws.