Does EasyMine depend on Bitcoin? Based on the correlation analysis, BTC and EMT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price fluctuations 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 means that the prices of the currencies are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and EasyMine connection is positively strong, it means that when BTC is rising EMT will rise as well. The negative strong relation will point that when BTC is growing EMT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over EasyMine. If we take all the aspects affecting the price of EMT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, technological releases or regulations.