Does Ethereum Black depend on Bitcoin? According to the correlation analysis, BTC and ETBT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the previous 100-days' price fluctuations of both assets.
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 means that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and Ethereum Black connection is positively strong, it means that when BTC is rising ETBT will grow as well. The negative strong relation will point that when BTC is rising ETBT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Ethereum Black. If we take all the aspects affecting the price of ETBT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as news, events or regulations.