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EverGreenCoin (EGC)

Correlation

0.90

Influence

81.00%

Bitcoin and EverGreenCoin Correlation

Does EverGreenCoin depend on Bitcoin? Based on the correlation analysis, BTC and EGC have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was calculated based on the previous 100-days' price movements 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 means that the prices of the currencies are going in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and EverGreenCoin connection is positively strong, it means that when BTC is rising EGC will grow as well. The negative strong relation will tell that when BTC is growing EGC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over EverGreenCoin. If we take all the things affecting the price of EGC as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other things, such as news, technological releases or regulations.