Does EZCoin depend on Bitcoin? According to the correlation analysis, BTC and EZC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations of both assets.
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 tells that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and EZCoin connection is positively strong, it means that when BTC is growing EZC will rise as well. The negative strong relation will point that when BTC is rising EZC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over EZCoin. If we take all the factors affecting the price of EZC 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 things, such as news, events or crypto related laws.