Does EmaratCoin depend on Bitcoin? According to the correlation analysis, BTC and AEC* have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was computed based on the last 100-days' price dynamics of both coins.
This coefficient may change 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 moving in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and EmaratCoin connection is positively strong, it means that when BTC is rising AEC* will grow as well. The negative strong relation will show that when BTC is growing AEC* value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over EmaratCoin. If we take all the aspects affecting the price of AEC* as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other aspects, such as news, events or regulations.