Does EbolaShare depend on Bitcoin? According to the correlation analysis, BTC and EBS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements 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 indicates that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and EbolaShare connection is positively strong, it means that when BTC is rising EBS will rise as well. The negative strong relation will tell that when BTC is growing EBS price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EbolaShare. If we take all the circumstances affecting the price of EBS 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 politics.