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Eternal Token (XET)

Correlation

0.87

Influence

75.69%

Bitcoin and Eternal Token Correlation

Does Eternal Token depend on Bitcoin? Based on the correlation analysis, BTC and XET have a very strong positive relationship. The correlation coefficient of their prices is 0.87, which was estimated based on the last 100-days' price dynamics 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 shows that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and Eternal Token connection is positively strong, it means that when BTC is rising XET will rise as well. The negative strong relation will point that when BTC is growing XET price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Eternal Token. If we take all the circumstances affecting the price of XET as 100%, then the share of BTC price among these factors will be 75.69%. The other part which is 24.31% covers all the other aspects, such as media, events or regulations.