Does Electra depend on Bitcoin? Based on the correlation analysis, BTC and ECA have a very strong positive relationship. The correlation coefficient of their prices is 0.75, which was measured based on the last 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 coins are moving in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Electra connection is positively strong, it means that when BTC is rising ECA will rise as well. The negative strong relation will show that when BTC is growing ECA price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Electra. If we take all the aspects affecting the price of ECA 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 aspects, such as news, events or crypto related laws.