Does Ethereum Cash depend on Bitcoin? According to the correlation analysis, BTC and ECASH have a strong positive relationship. The correlation coefficient of their values is 0.68, which was measured based on the last 100-days' price dynamics of both assets.
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 tells that the prices of the coins are moving in the contrary trend while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Ethereum Cash connection is positively strong, it means that when BTC is rising ECASH will grow as well. The negative strong relation will show that when BTC is rising ECASH value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ethereum Cash. If we take all the circumstances affecting the price of ECASH 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 crypto related laws.