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E-Gulden (EFL)

Correlation

0.91

Influence

82.81%

Bitcoin and E-Gulden Correlation

Does E-Gulden depend on Bitcoin? Based on the correlation analysis, BTC and EFL 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 movements of both currencies.

This coefficient may range 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 opposite direction while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and E-Gulden connection is positively strong, it means that when BTC is growing EFL will grow as well. The negative strong relation will show that when BTC is growing EFL price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over E-Gulden. If we take all the factors affecting the price of EFL 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 aspects, such as news, events or politics.