⟷  

Engagement Token (ENGT)

Correlation

-0.14

Influence

1.96%

Bitcoin and Engagement Token Correlation

Does Engagement Token depend on Bitcoin? According to the correlation analysis, BTC and ENGT have no or negligible relationship. The correlation coefficient of their prices is -0.14, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.

This coefficient may vary 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 shows that the prices of the currencies are moving in the contrary trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Engagement Token connection is positively strong, it means that when BTC is growing ENGT will grow as well. The negative strong relation will point that when BTC is rising ENGT price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Engagement Token. If we take all the factors affecting the price of ENGT as 100%, then the share of BTC price among these factors will be 1.96%. The other part which is 98.04% covers all the other things, such as news, technological releases or crypto related laws.