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ErrorCoin (ERR)

Correlation

0.91

Influence

82.81%

Bitcoin and ErrorCoin Correlation

Does ErrorCoin depend on Bitcoin? Based on the correlation analysis, BTC and ERR have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price fluctuations 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 shows that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and ErrorCoin connection is positively strong, it means that when BTC is growing ERR will grow as well. The negative strong relation will tell that when BTC is growing ERR price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ErrorCoin. If we take all the factors affecting the price of ERR 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 circumstances, such as news, events or politics.