Does Eurocoin depend on Bitcoin? According to the correlation analysis, BTC and EUC have no relationship. The correlation coefficient of their values is 0.00, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.
This coefficient may vary 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 indicates that the prices of the assets are going in the reversed trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Eurocoin connection is positively strong, it means that when BTC is growing EUC will rise as well. The negative strong relation will show that when BTC is rising EUC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Eurocoin. If we take all the things affecting the price of EUC as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as media, technological releases or regulations.