Does Cardano depend on Bitcoin? According to the correlation analysis, BTC and ADA have a very strong positive relationship. The correlation coefficient of their prices is 0.75, which was computed based on the last 100-days' price movements of both assets.
This coefficient may vary 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 assets are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Cardano connection is positively strong, it means that when BTC is growing ADA will grow as well. The negative strong relation will show that when BTC is growing ADA price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Cardano. If we take all the things affecting the price of ADA as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other things, such as media, events or regulations.