Does Eternity depend on Bitcoin? Based on the correlation analysis, BTC and ENT have a weak negative relationship. The correlation coefficient of their values is -0.23, which was calculated based on the last 100-days' price fluctuations 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 indicates that the prices of the currencies are moving in the reversed trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and Eternity connection is positively strong, it means that when BTC is growing ENT will rise as well. The negative strong relation will tell that when BTC is rising ENT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Eternity. If we take all the things affecting the price of ENT as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as news, events or politics.