Does Gas depend on Bitcoin? According to the correlation analysis, BTC and GAS have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was computed based on the last 100-days' price movements of both assets.
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 assets are moving in the opposite trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Gas connection is positively strong, it means that when BTC is rising GAS will grow as well. The negative strong relation will point that when BTC is rising GAS price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Gas. If we take all the circumstances affecting the price of GAS as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other circumstances, such as news, technological releases or regulations.