Does EthereumScrypt depend on Bitcoin? Based on the correlation analysis, BTC and ETHS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 shows that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and EthereumScrypt connection is positively strong, it means that when BTC is growing ETHS will grow as well. The negative strong relation will show that when BTC is growing ETHS price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over EthereumScrypt. If we take all the aspects affecting the price of ETHS 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.