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Elastic (XEL)

Correlation

0.75

Influence

56.25%

Bitcoin and Elastic Correlation

Does Elastic depend on Bitcoin? Based on the correlation analysis, BTC and XEL have a very strong positive relationship. The correlation coefficient of their values is 0.75, which was estimated based on the previous 100-days' price fluctuations 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 tells that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and Elastic connection is positively strong, it means that when BTC is growing XEL will rise as well. The negative strong relation will tell that when BTC is growing XEL value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Elastic. If we take all the circumstances affecting the price of XEL 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 things, such as news, events or regulations.