⟷  

EGOcoin (EGO)

Correlation

0.91

Influence

82.81%

Bitcoin and EGOcoin Correlation

Does EGOcoin depend on Bitcoin? Based on the correlation analysis, BTC and EGO have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price dynamics of both currencies.

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 indicates that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and EGOcoin connection is positively strong, it means that when BTC is rising EGO will rise as well. The negative strong relation will show that when BTC is growing EGO price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over EGOcoin. If we take all the aspects affecting the price of EGO 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 media, events or crypto related laws.