Does EDUCare depend on Bitcoin? According to the correlation analysis, BTC and EKT have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was estimated based on the last 100-days' price movements of both assets.
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 points that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and EDUCare connection is positively strong, it means that when BTC is rising EKT will rise as well. The negative strong relation will show that when BTC is rising EKT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EDUCare. If we take all the aspects affecting the price of EKT as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other factors, such as news, technological releases or politics.