Does Energi Token depend on Bitcoin? Based on the correlation analysis, BTC and ETK have a strong positive relationship. The correlation coefficient of their values is 0.49, which was computed based on the last 100-days' price dynamics of both currencies.
This coefficient may adjust 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 assets are moving in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Energi Token connection is positively strong, it means that when BTC is growing ETK will rise as well. The negative strong relation will tell that when BTC is rising ETK price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Energi Token. If we take all the factors affecting the price of ETK as 100%, then the share of BTC price among these factors will be 24.01%. The other part which is 75.99% covers all the other circumstances, such as media, technological releases or regulations.