Does Earth Token depend on Bitcoin? According to the correlation analysis, BTC and EARTH have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was calculated based on the previous 100-days' price fluctuations of both assets.
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 tells that the prices of the currencies are going in the reversed trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and Earth Token connection is positively strong, it means that when BTC is growing EARTH will grow as well. The negative strong relation will show that when BTC is growing EARTH value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Earth Token. If we take all the circumstances affecting the price of EARTH as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other aspects, such as news, events or politics.