Does EQUI depend on Bitcoin? Based on the correlation analysis, BTC and EQ have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the currencies are going in the reversed trend while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and EQUI connection is positively strong, it means that when BTC is growing EQ will grow as well. The negative strong relation will tell that when BTC is rising EQ value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over EQUI. If we take all the factors affecting the price of EQ 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.