Does EQUAL depend on Bitcoin? According to the correlation analysis, BTC and EQL have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price movements 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 means that the prices of the currencies are moving in the opposite trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and EQUAL connection is positively strong, it means that when BTC is growing EQL will grow as well. The negative strong relation will indicate that when BTC is rising EQL price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over EQUAL. If we take all the factors affecting the price of EQL as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, events or crypto related laws.