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eBitcoin (EBTC)

Correlation

0.78

Influence

60.84%

Bitcoin and eBitcoin Correlation

Does eBitcoin depend on Bitcoin? According to the correlation analysis, BTC and EBTC have a very strong positive relationship. The correlation coefficient of their values is 0.78, which was computed based on the previous 100-days' price fluctuations of both currencies.

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 tells that the prices of the assets are going in the reversed direction while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and eBitcoin connection is positively strong, it means that when BTC is rising EBTC will grow as well. The negative strong relation will tell that when BTC is growing EBTC value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over eBitcoin. If we take all the circumstances affecting the price of EBTC as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other aspects, such as news, events or crypto related laws.