Does eBitcoinCash depend on Bitcoin? Based on the correlation analysis, BTC and EBCH have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price fluctuations of both currencies.
This coefficient may adjust 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 moving in the reversed direction while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and eBitcoinCash connection is positively strong, it means that when BTC is rising EBCH will grow as well. The negative strong relation will point that when BTC is growing EBCH value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over eBitcoinCash. If we take all the factors affecting the price of EBCH 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 things, such as news, events or politics.