Does ESports Chain depend on Bitcoin? Based on the correlation analysis, BTC and EST have no or negligible relationship. The correlation coefficient of their values is -0.15, which was calculated based on the previous 100-days' price movements of both assets.
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 opposite trend while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and ESports Chain connection is positively strong, it means that when BTC is growing EST will grow as well. The negative strong relation will point that when BTC is growing EST value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over ESports Chain. If we take all the circumstances affecting the price of EST as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other things, such as news, events or politics.