Bitcoin and EUNO Correlation

Does EUNO depend on Bitcoin? Based on the correlation analysis, BTC and EUNO have a strong positive relationship. The correlation coefficient of their prices is 0.65, which was calculated based on the previous 100-days' price movements of both currencies.

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 currencies are going in the opposite direction while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and EUNO connection is positively strong, it means that when BTC is growing EUNO will grow as well. The negative strong relation will indicate that when BTC is rising EUNO price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EUNO. If we take all the aspects affecting the price of EUNO as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other aspects, such as media, events or politics.