Does EarthCoin depend on Bitcoin? Based on the correlation analysis, BTC and EAC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price fluctuations of both coins.
This coefficient may adjust 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 currencies are going in the reversed direction while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and EarthCoin connection is positively strong, it means that when BTC is rising EAC will rise as well. The negative strong relation will point that when BTC is rising EAC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over EarthCoin. If we take all the things affecting the price of EAC 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 media, events or politics.