Does Ethereum Movie Venture depend on Bitcoin? Based on the correlation analysis, BTC and EMV have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price dynamics of both coins.
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 assets are moving in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Ethereum Movie Venture connection is positively strong, it means that when BTC is growing EMV will rise as well. The negative strong relation will tell that when BTC is growing EMV value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Ethereum Movie Venture. If we take all the circumstances affecting the price of EMV 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 circumstances, such as media, events or regulations.