Does Espers depend on Bitcoin? Based on the correlation analysis, BTC and ESP have a very strong positive relationship. The correlation coefficient of their values is 0.78, which was calculated based on the previous 100-days' price dynamics 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 points that the prices of the currencies are going in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and Espers connection is positively strong, it means that when BTC is growing ESP will rise as well. The negative strong relation will tell that when BTC is growing ESP price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Espers. If we take all the circumstances affecting the price of ESP as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other circumstances, such as news, events or regulations.