Does EvilCoin depend on Bitcoin? Based on the correlation analysis, BTC and EVIL have a very strong positive relationship. The correlation coefficient of their prices is 0.82, which was calculated based on the previous 100-days' price dynamics of both assets.
This coefficient may adjust 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 currencies are going in the contrary trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and EvilCoin connection is positively strong, it means that when BTC is growing EVIL will rise as well. The negative strong relation will point that when BTC is growing EVIL value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EvilCoin. If we take all the circumstances affecting the price of EVIL as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other factors, such as news, technological releases or crypto related laws.