Does EnterCoin (ENTER) depend on Bitcoin? Based on the correlation analysis, BTC and ENTER have no relationship. The correlation coefficient of their values is 0.00, 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 tells that the prices of the cryptocurrencies are going in the opposite direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and EnterCoin (ENTER) connection is positively strong, it means that when BTC is growing ENTER will grow as well. The negative strong relation will indicate that when BTC is rising ENTER value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EnterCoin (ENTER). If we take all the aspects affecting the price of ENTER as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as media, technological releases or regulations.