Does EtherBTC depend on Bitcoin? According to the correlation analysis, BTC and ETHB have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the coins are going in the reversed trend while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and EtherBTC connection is positively strong, it means that when BTC is growing ETHB will rise as well. The negative strong relation will indicate that when BTC is growing ETHB price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over EtherBTC. If we take all the aspects affecting the price of ETHB 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 circumstances, such as news, events or regulations.