Does EthereumBitcoin depend on Bitcoin? According to the correlation analysis, BTC and BTCE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price fluctuations of both coins.
This coefficient may change 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 means that the prices of the assets are moving in the reversed direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and EthereumBitcoin connection is positively strong, it means that when BTC is rising BTCE will rise as well. The negative strong relation will indicate that when BTC is growing BTCE price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EthereumBitcoin. If we take all the things affecting the price of BTCE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as media, technological releases or crypto related laws.