Does EthereumFog depend on Bitcoin? Based on the correlation analysis, BTC and ETF have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was computed based on the previous 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 points that the prices of the assets are going in the contrary direction while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and EthereumFog connection is positively strong, it means that when BTC is rising ETF will grow as well. The negative strong relation will indicate that when BTC is rising ETF value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over EthereumFog. If we take all the things affecting the price of ETF as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other things, such as media, events or politics.