Does Block Array depend on Bitcoin? According to the correlation analysis, BTC and ARY have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was computed based on the last 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 indicates that the prices of the assets are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Block Array connection is positively strong, it means that when BTC is growing ARY will grow as well. The negative strong relation will tell that when BTC is rising ARY value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Block Array. If we take all the factors affecting the price of ARY as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other factors, such as media, technological releases or politics.