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Eddie coin (EDDIE)

Correlation

0.91

Influence

82.81%

Bitcoin and Eddie coin Correlation

Does Eddie coin depend on Bitcoin? According to the correlation analysis, BTC and EDDIE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price dynamics 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 cryptocurrencies are moving in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Eddie coin connection is positively strong, it means that when BTC is growing EDDIE will rise as well. The negative strong relation will tell that when BTC is rising EDDIE price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Eddie coin. If we take all the factors affecting the price of EDDIE 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 circumstances, such as news, technological releases or regulations.