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Everex (EVX)

Correlation

0.71

Influence

50.41%

Bitcoin and Everex Correlation

Does Everex depend on Bitcoin? Based on the correlation analysis, BTC and EVX have a very strong positive relationship. The correlation coefficient of their prices is 0.71, which was estimated based on the previous 100-days' price dynamics of both assets.

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 cryptocurrencies are going in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Everex connection is positively strong, it means that when BTC is growing EVX will rise as well. The negative strong relation will point that when BTC is rising EVX value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Everex. If we take all the aspects affecting the price of EVX as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other aspects, such as news, technological releases or regulations.