Does Ethereum Meta depend on Bitcoin? Based on the correlation analysis, BTC and ETHM have a strong positive relationship. The correlation coefficient of their values is 0.43, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may adjust 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 going in the opposite trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Ethereum Meta connection is positively strong, it means that when BTC is growing ETHM will rise as well. The negative strong relation will indicate that when BTC is rising ETHM value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Ethereum Meta. If we take all the aspects affecting the price of ETHM as 100%, then the share of BTC price among these factors will be 18.49%. The other part which is 81.51% covers all the other aspects, such as news, events or regulations.