Does eREAL depend on Bitcoin? Based on the correlation analysis, BTC and EREAL have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price dynamics of both coins.
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 direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and eREAL connection is positively strong, it means that when BTC is rising EREAL will grow as well. The negative strong relation will indicate that when BTC is rising EREAL value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over eREAL. If we take all the factors affecting the price of EREAL 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 media, events or crypto related laws.