Does Ellaism depend on Bitcoin? Based on the correlation analysis, BTC and ELLA have a very strong positive relationship. The correlation coefficient of their prices is 0.88, which was computed based on the last 100-days' price movements of both coins.
This coefficient may adjust 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 indicates that the prices of the assets are moving in the opposite direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Ellaism connection is positively strong, it means that when BTC is rising ELLA will rise as well. The negative strong relation will indicate that when BTC is growing ELLA value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Ellaism. If we take all the aspects affecting the price of ELLA as 100%, then the share of BTC price among these factors will be 77.44%. The other part which is 22.56% covers all the other factors, such as media, technological releases or regulations.