Does Education Ecosystem depend on Bitcoin? Based on the correlation analysis, BTC and LEDU have a very strong positive relationship. The correlation coefficient of their prices is 0.84, which was estimated based on the previous 100-days' price dynamics 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 cryptocurrencies are going in the contrary trend while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and Education Ecosystem connection is positively strong, it means that when BTC is growing LEDU will rise as well. The negative strong relation will point that when BTC is rising LEDU value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Education Ecosystem. If we take all the circumstances affecting the price of LEDU as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other circumstances, such as news, events or crypto related laws.