Does Enumivo depend on Bitcoin? According to the correlation analysis, BTC and ENU have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price movements of both cryptocurrencies.
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 tells that the prices of the assets are moving in the opposite trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Enumivo connection is positively strong, it means that when BTC is rising ENU will rise as well. The negative strong relation will tell that when BTC is rising ENU value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Enumivo. If we take all the aspects affecting the price of ENU as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, technological releases or politics.