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EquiTrader (EQT)

Correlation

0.90

Influence

81.00%

Bitcoin and EquiTrader Correlation

Does EquiTrader depend on Bitcoin? Based on the correlation analysis, BTC and EQT have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was computed based on the last 100-days' price dynamics of both assets.

This coefficient may adjust 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 assets are moving in the contrary trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and EquiTrader connection is positively strong, it means that when BTC is rising EQT will grow as well. The negative strong relation will point that when BTC is growing EQT price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over EquiTrader. If we take all the circumstances affecting the price of EQT as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other circumstances, such as news, events or politics.