Does Enjin Coin depend on Bitcoin? Based on the correlation analysis, BTC and ENJ have a strong positive relationship. The correlation coefficient of their prices is 0.61, which was estimated based on the previous 100-days' price movements of both currencies.
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 indicates that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Enjin Coin connection is positively strong, it means that when BTC is growing ENJ will grow as well. The negative strong relation will point that when BTC is rising ENJ value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Enjin Coin. If we take all the aspects affecting the price of ENJ as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other aspects, such as media, events or politics.