Does DarkEther depend on Bitcoin? According to the correlation analysis, BTC and DETH 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 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 cryptocurrencies are going in the opposite direction while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and DarkEther connection is positively strong, it means that when BTC is rising DETH will rise as well. The negative strong relation will tell that when BTC is growing DETH price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DarkEther. If we take all the factors affecting the price of DETH 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 aspects, such as news, events or politics.