Does Event Token depend on Bitcoin? According to the correlation analysis, BTC and EVENT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may change 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 cryptocurrencies are moving in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Event Token connection is positively strong, it means that when BTC is growing EVENT will grow as well. The negative strong relation will indicate that when BTC is rising EVENT value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Event Token. If we take all the aspects affecting the price of EVENT as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as news, events or politics.