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Ethersocial (ESN)

Correlation

0.70

Influence

49.00%

Bitcoin and Ethersocial Correlation

Does Ethersocial depend on Bitcoin? Based on the correlation analysis, BTC and ESN have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was measured based on the previous 100-days' price movements of both currencies.

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 tells that the prices of the coins are going in the opposite direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Ethersocial connection is positively strong, it means that when BTC is growing ESN will rise as well. The negative strong relation will indicate that when BTC is growing ESN price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ethersocial. If we take all the aspects affecting the price of ESN as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other factors, such as news, events or regulations.