Does Emercoin depend on Bitcoin? According to the correlation analysis, BTC and EMC have a very strong positive relationship. The correlation coefficient of their values is 0.80, which was measured based on the previous 100-days' price fluctuations of both assets.
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 tells that the prices of the coins are going in the reversed trend while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and Emercoin connection is positively strong, it means that when BTC is growing EMC will rise as well. The negative strong relation will tell that when BTC is rising EMC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Emercoin. If we take all the factors affecting the price of EMC as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other aspects, such as media, technological releases or regulations.