Does Ethereum Classic depend on Bitcoin? Based on the correlation analysis, BTC and ETC have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may range 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 going in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Ethereum Classic connection is positively strong, it means that when BTC is growing ETC will grow as well. The negative strong relation will point that when BTC is rising ETC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ethereum Classic. If we take all the things affecting the price of ETC as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other things, such as news, events or politics.