Does Einsteinium depend on Bitcoin? Based on the correlation analysis, BTC and EMC2 have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was computed based on the last 100-days' price movements of both currencies.
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 points that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and Einsteinium connection is positively strong, it means that when BTC is rising EMC2 will grow as well. The negative strong relation will point that when BTC is growing EMC2 value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Einsteinium. If we take all the circumstances affecting the price of EMC2 as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as news, technological releases or regulations.