Does Endor Protocol Token depend on Bitcoin? According to the correlation analysis, BTC and EDR* have a very strong negative relationship. The correlation coefficient of their prices is -0.76, which was computed based on the last 100-days' price fluctuations of both coins.
This coefficient may vary 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 assets are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Endor Protocol Token connection is positively strong, it means that when BTC is growing EDR* will rise as well. The negative strong relation will tell that when BTC is growing EDR* value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Endor Protocol Token . If we take all the things affecting the price of EDR* as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other circumstances, such as media, events or politics.