Does Egretia depend on Bitcoin? According to the correlation analysis, BTC and EGT have a strong positive relationship. The correlation coefficient of their values is 0.59, which was calculated based on the last 100-days' price dynamics 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 indicates that the prices of the currencies are moving in the contrary trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Egretia connection is positively strong, it means that when BTC is growing EGT will grow as well. The negative strong relation will indicate that when BTC is rising EGT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Egretia. If we take all the factors affecting the price of EGT as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other factors, such as news, events or crypto related laws.