Does EdgeCoin depend on Bitcoin? Based on the correlation analysis, BTC and EDGE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements of both cryptocurrencies.
This coefficient may range 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 points that the prices of the assets are moving in the opposite trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and EdgeCoin connection is positively strong, it means that when BTC is rising EDGE will grow as well. The negative strong relation will show that when BTC is growing EDGE price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over EdgeCoin. If we take all the things affecting the price of EDGE 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 factors, such as media, technological releases or regulations.