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Eticket4 (ET4)

Correlation

0.27

Influence

7.29%

Bitcoin and Eticket4 Correlation

Does Eticket4 depend on Bitcoin? Based on the correlation analysis, BTC and ET4 have a weak positive relationship. The correlation coefficient of their prices is 0.27, 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 shows that the prices of the coins are moving in the contrary trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Eticket4 connection is positively strong, it means that when BTC is growing ET4 will grow as well. The negative strong relation will tell that when BTC is growing ET4 value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Eticket4. If we take all the things affecting the price of ET4 as 100%, then the share of BTC price among these factors will be 7.29%. The other part which is 92.71% covers all the other circumstances, such as media, events or crypto related laws.