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EchoLink (EKO)

Correlation

-0.10

Influence

1.00%

Bitcoin and EchoLink Correlation

Does EchoLink depend on Bitcoin? Based on the correlation analysis, BTC and EKO have no or negligible relationship. The correlation coefficient of their prices is -0.10, which was measured based on the previous 100-days' price fluctuations of both currencies.

This coefficient may adjust 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 coins are going in the reversed direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and EchoLink connection is positively strong, it means that when BTC is growing EKO will rise as well. The negative strong relation will indicate that when BTC is rising EKO price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EchoLink. If we take all the aspects affecting the price of EKO as 100%, then the share of BTC price among these factors will be 1.00%. The other part which is 99.00% covers all the other factors, such as news, events or regulations.