Does EB3coin depend on Bitcoin? According to the correlation analysis, BTC and EB3 have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and EB3coin connection is positively strong, it means that when BTC is growing EB3 will rise as well. The negative strong relation will indicate that when BTC is rising EB3 value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over EB3coin. If we take all the circumstances affecting the price of EB3 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 regulations.