Does eBoost depend on Bitcoin? According to the correlation analysis, BTC and EBST have a strong positive relationship. The correlation coefficient of their prices is 0.40, which was estimated based on the last 100-days' price fluctuations of both currencies.
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 means that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and eBoost connection is positively strong, it means that when BTC is growing EBST will grow as well. The negative strong relation will show that when BTC is growing EBST value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over eBoost. If we take all the factors affecting the price of EBST as 100%, then the share of BTC price among these factors will be 16.00%. The other part which is 84.00% covers all the other aspects, such as news, technological releases or crypto related laws.