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ECOcoin (ECO)

Correlation

-0.26

Influence

6.76%

Bitcoin and ECOcoin Correlation

Does ECOcoin depend on Bitcoin? According to the correlation analysis, BTC and ECO have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was estimated based on the previous 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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and ECOcoin connection is positively strong, it means that when BTC is rising ECO will grow as well. The negative strong relation will tell that when BTC is growing ECO price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ECOcoin. If we take all the things affecting the price of ECO as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other things, such as news, technological releases or crypto related laws.