Does Bethereum depend on Bitcoin? According to the correlation analysis, BTC and BETHER have a moderate negative relationship. The correlation coefficient of their prices is -0.30, which was calculated based on the previous 100-days' price movements of both currencies.
This coefficient may change 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 shows that the prices of the currencies are going in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Bethereum connection is positively strong, it means that when BTC is growing BETHER will rise as well. The negative strong relation will show that when BTC is rising BETHER value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bethereum. If we take all the aspects affecting the price of BETHER as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other factors, such as news, events or crypto related laws.