Does EthereCash depend on Bitcoin? Based on the correlation analysis, BTC and ECH have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price dynamics 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 points that the prices of the assets are going in the contrary direction while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and EthereCash connection is positively strong, it means that when BTC is rising ECH will grow as well. The negative strong relation will tell that when BTC is rising ECH price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over EthereCash. If we take all the aspects affecting the price of ECH 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 media, events or regulations.