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Ethereum Blue (BLUE)

Correlation

0.16

Influence

2.56%

Bitcoin and Ethereum Blue Correlation

Does Ethereum Blue depend on Bitcoin? According to the correlation analysis, BTC and BLUE have no or negligible relationship. The correlation coefficient of their values is 0.16, which was computed based on the last 100-days' price dynamics of both coins.

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 tells that the prices of the assets are moving in the contrary direction while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and Ethereum Blue connection is positively strong, it means that when BTC is growing BLUE will rise as well. The negative strong relation will indicate that when BTC is rising BLUE value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ethereum Blue. If we take all the factors affecting the price of BLUE as 100%, then the share of BTC price among these factors will be 2.56%. The other part which is 97.44% covers all the other aspects, such as media, technological releases or regulations.