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Electroneum (ETN)

Correlation

0.50

Influence

25.00%

Bitcoin and Electroneum Correlation

Does Electroneum depend on Bitcoin? Based on the correlation analysis, BTC and ETN have a strong positive relationship. The correlation coefficient of their values is 0.50, which was calculated 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 tells that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Electroneum connection is positively strong, it means that when BTC is rising ETN will grow as well. The negative strong relation will point that when BTC is growing ETN price will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Electroneum. If we take all the factors affecting the price of ETN as 100%, then the share of BTC price among these factors will be 25.00%. The other part which is 75.00% covers all the other aspects, such as media, technological releases or politics.