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Ethorse (HORSE)

Correlation

0.68

Influence

46.24%

Bitcoin and Ethorse Correlation

Does Ethorse depend on Bitcoin? Based on the correlation analysis, BTC and HORSE have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured 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 means that the prices of the coins are moving in the contrary trend while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and Ethorse connection is positively strong, it means that when BTC is rising HORSE will rise as well. The negative strong relation will indicate that when BTC is rising HORSE price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Ethorse . If we take all the circumstances affecting the price of HORSE 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 circumstances, such as news, events or crypto related laws.