Does USDC depend on Bitcoin? Based on the correlation analysis, BTC and USDC have a weak negative relationship. The correlation coefficient of their values is -0.24, which was computed based on the previous 100-days' price dynamics of both assets.
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 points that the prices of the assets are going in the contrary trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and USDC connection is positively strong, it means that when BTC is rising USDC will grow as well. The negative strong relation will indicate that when BTC is growing USDC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over USDC. If we take all the things affecting the price of USDC as 100%, then the share of BTC price among these factors will be 5.76%. The other part which is 94.24% covers all the other circumstances, such as news, technological releases or crypto related laws.