Does UnitaryStatus Dollar depend on Bitcoin? According to the correlation analysis, BTC and USDE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations of both assets.
This coefficient may change 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 indicates that the prices of the coins are moving in the reversed trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and UnitaryStatus Dollar connection is positively strong, it means that when BTC is growing USDE will grow as well. The negative strong relation will show that when BTC is growing USDE value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over UnitaryStatus Dollar. If we take all the aspects affecting the price of USDE 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 aspects, such as news, events or politics.