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Envion (EVN)

Correlation

0.18

Influence

3.24%

Bitcoin and Envion Correlation

Does Envion depend on Bitcoin? Based on the correlation analysis, BTC and EVN have no or negligible relationship. The correlation coefficient of their prices is 0.18, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 shows that the prices of the coins are going in the reversed trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Envion connection is positively strong, it means that when BTC is growing EVN will rise as well. The negative strong relation will tell that when BTC is rising EVN price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Envion. If we take all the things affecting the price of EVN as 100%, then the share of BTC price among these factors will be 3.24%. The other part which is 96.76% covers all the other things, such as news, technological releases or regulations.