Does Expanse depend on Bitcoin? Based on the correlation analysis, BTC and EXP have a strong negative relationship. The correlation coefficient of their values is -0.63, which was computed based on the previous 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 points that the prices of the assets are going in the reversed trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Expanse connection is positively strong, it means that when BTC is rising EXP will grow as well. The negative strong relation will point that when BTC is growing EXP value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Expanse. If we take all the circumstances affecting the price of EXP as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other aspects, such as news, events or crypto related laws.