Does Elysium depend on Bitcoin? Based on the correlation analysis, BTC and ELS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations of both currencies.
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 means that the prices of the coins are moving in the reversed direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and Elysium connection is positively strong, it means that when BTC is growing ELS will grow as well. The negative strong relation will tell that when BTC is rising ELS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Elysium. If we take all the factors affecting the price of ELS as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as media, technological releases or crypto related laws.