⟷  

Electrum Dark (ELD)

Correlation

0.23

Influence

5.29%

Bitcoin and Electrum Dark Correlation

Does Electrum Dark depend on Bitcoin? According to the correlation analysis, BTC and ELD have a weak positive relationship. The correlation coefficient of their values is 0.23, which was calculated based on the last 100-days' price dynamics of both assets.

This coefficient may change 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 contrary trend while the positive coefficient means that the prices are moving in the identical direction. For instance, if Bitcoin and Electrum Dark connection is positively strong, it means that when BTC is growing ELD will rise as well. The negative strong relation will tell that when BTC is growing ELD price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Electrum Dark. If we take all the aspects affecting the price of ELD as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other factors, such as media, events or crypto related laws.