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EqualCoin (EQUAL)

Correlation

0.91

Influence

82.81%

Bitcoin and EqualCoin Correlation

Does EqualCoin depend on Bitcoin? Based on the correlation analysis, BTC and EQUAL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price dynamics 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 shows that the prices of the currencies are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and EqualCoin connection is positively strong, it means that when BTC is growing EQUAL will rise as well. The negative strong relation will show that when BTC is rising EQUAL value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over EqualCoin. If we take all the circumstances affecting the price of EQUAL 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 factors, such as media, events or crypto related laws.