Does USCoin depend on Bitcoin? According to the correlation analysis, BTC and USDC have a moderate negative relationship. The correlation coefficient of their values is -0.38, which was computed based on the previous 100-days' price dynamics of both currencies.
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 indicates that the prices of the assets are going in the contrary direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and USCoin connection is positively strong, it means that when BTC is rising USDC will grow as well. The negative strong relation will show that when BTC is rising USDC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over USCoin. If we take all the factors affecting the price of USDC as 100%, then the share of BTC price among these factors will be 14.44%. The other part which is 85.56% covers all the other things, such as news, technological releases or politics.