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Elastos (ELA)

Correlation

0.89

Influence

79.21%

Bitcoin and Elastos Correlation

Does Elastos depend on Bitcoin? According to the correlation analysis, BTC and ELA have a very strong positive relationship. The correlation coefficient of their values is 0.89, which was estimated based on the previous 100-days' price movements of both currencies.

This coefficient may vary 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 opposite direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Elastos connection is positively strong, it means that when BTC is growing ELA will grow as well. The negative strong relation will show that when BTC is growing ELA value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Elastos. If we take all the things affecting the price of ELA as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other aspects, such as news, technological releases or politics.