Does EOS depend on Bitcoin? Based on the correlation analysis, BTC and EOS have a very strong positive relationship. The correlation coefficient of their values is 0.83, which was measured based on the previous 100-days' price fluctuations of both coins.
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 tells that the prices of the coins are going in the reversed direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and EOS connection is positively strong, it means that when BTC is growing EOS will grow as well. The negative strong relation will show that when BTC is growing EOS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over EOS. If we take all the aspects affecting the price of EOS as 100%, then the share of BTC price among these factors will be 68.89%. The other part which is 31.11% covers all the other circumstances, such as media, events or crypto related laws.