Does Enigma depend on Bitcoin? According to the correlation analysis, BTC and XNG have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations of both coins.
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 points that the prices of the currencies are going in the reversed direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Enigma connection is positively strong, it means that when BTC is rising XNG will rise as well. The negative strong relation will show that when BTC is growing XNG value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Enigma. If we take all the circumstances affecting the price of XNG 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 aspects, such as media, events or regulations.