Does EmporiumCoin depend on Bitcoin? According to the correlation analysis, BTC and EMPC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated 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 tells that the prices of the currencies 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 EmporiumCoin connection is positively strong, it means that when BTC is rising EMPC will grow as well. The negative strong relation will show that when BTC is rising EMPC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over EmporiumCoin. If we take all the things affecting the price of EMPC 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 aspects, such as news, technological releases or crypto related laws.