Does Bit Agro depend on Bitcoin? According to the correlation analysis, BTC and AGRO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
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 reversed trend while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and Bit Agro connection is positively strong, it means that when BTC is rising AGRO will rise as well. The negative strong relation will point that when BTC is growing AGRO value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bit Agro. If we take all the circumstances affecting the price of AGRO 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.