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EggCoin (EGG)

Correlation

0.91

Influence

82.81%

Bitcoin and EggCoin Correlation

Does EggCoin depend on Bitcoin? Based on the correlation analysis, BTC and EGG have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations of both coins.

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 assets are going in the reversed direction while the positive coefficient means that the prices are going in the identical direction. For instance, if Bitcoin and EggCoin connection is positively strong, it means that when BTC is growing EGG will grow as well. The negative strong relation will point that when BTC is growing EGG price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over EggCoin. If we take all the aspects affecting the price of EGG 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 news, technological releases or regulations.