Does Bitcoin Cash / BCC depend on Bitcoin? According to the correlation analysis, BTC and BCH have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price movements of both assets.
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 means that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and Bitcoin Cash / BCC connection is positively strong, it means that when BTC is rising BCH will grow as well. The negative strong relation will indicate that when BTC is growing BCH value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitcoin Cash / BCC. If we take all the factors affecting the price of BCH as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as news, technological releases or regulations.