Does EagleCoin depend on Bitcoin? According to the correlation analysis, BTC and EA have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price fluctuations of both assets.
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 points that the prices of the coins are going in the reversed trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and EagleCoin connection is positively strong, it means that when BTC is rising EA will rise as well. The negative strong relation will point that when BTC is growing EA value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over EagleCoin. If we take all the factors affecting the price of EA 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 circumstances, such as media, technological releases or politics.