Does Elixir depend on Bitcoin? Based on the correlation analysis, BTC and ELIX have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was measured based on the last 100-days' price fluctuations 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 points that the prices of the coins are moving in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Elixir connection is positively strong, it means that when BTC is growing ELIX will rise as well. The negative strong relation will show that when BTC is growing ELIX price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Elixir. If we take all the things affecting the price of ELIX as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other aspects, such as media, events or crypto related laws.