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Eristica (ERT*)

Correlation

0.91

Influence

82.81%

Bitcoin and Eristica Correlation

Does Eristica depend on Bitcoin? According to the correlation analysis, BTC and ERT* have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price dynamics of both assets.

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 contrary trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and Eristica connection is positively strong, it means that when BTC is rising ERT* will rise as well. The negative strong relation will show that when BTC is rising ERT* value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Eristica. If we take all the circumstances affecting the price of ERT* 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 circumstances, such as news, technological releases or regulations.