Does Empyrean depend on Bitcoin? Based on the correlation analysis, BTC and EPY have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price dynamics of both cryptocurrencies.
This coefficient may range 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 points that the prices of the coins are going in the contrary trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Empyrean connection is positively strong, it means that when BTC is growing EPY will rise as well. The negative strong relation will show that when BTC is growing EPY value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Empyrean. If we take all the aspects affecting the price of EPY 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, technological releases or crypto related laws.