Does EnergyCoin depend on Bitcoin? According to the correlation analysis, BTC and ENRG have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both cryptocurrencies.
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 means that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and EnergyCoin connection is positively strong, it means that when BTC is rising ENRG will rise as well. The negative strong relation will point that when BTC is growing ENRG value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EnergyCoin. If we take all the things affecting the price of ENRG 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 media, technological releases or crypto related laws.