Does Ethereum Gold depend on Bitcoin? Based on the correlation analysis, BTC and ETG have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the last 100-days' price movements of both cryptocurrencies.
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 cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Ethereum Gold connection is positively strong, it means that when BTC is growing ETG will rise as well. The negative strong relation will indicate that when BTC is rising ETG value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Ethereum Gold. If we take all the factors affecting the price of ETG 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 media, technological releases or politics.