Does iEthereum depend on Bitcoin? Based on the correlation analysis, BTC and IETH have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the previous 100-days' price movements 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 means that the prices of the currencies are going in the opposite direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and iEthereum connection is positively strong, it means that when BTC is rising IETH will rise as well. The negative strong relation will point that when BTC is rising IETH price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over iEthereum. If we take all the things affecting the price of IETH 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 circumstances, such as news, events or politics.