Does Experty depend on Bitcoin? Based on the correlation analysis, BTC and EXY have a very strong positive relationship. The correlation coefficient of their prices is 0.75, which was computed 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 shows that the prices of the assets are going in the opposite trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Experty connection is positively strong, it means that when BTC is growing EXY will rise as well. The negative strong relation will tell that when BTC is rising EXY price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Experty. If we take all the aspects affecting the price of EXY as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other circumstances, such as news, technological releases or regulations.