Does ETHGAS depend on Bitcoin? According to the correlation analysis, BTC and EGAS have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may vary 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 currencies are moving in the contrary trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and ETHGAS connection is positively strong, it means that when BTC is rising EGAS will grow as well. The negative strong relation will point that when BTC is growing EGAS value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over ETHGAS. If we take all the circumstances affecting the price of EGAS 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 aspects, such as news, technological releases or crypto related laws.