Why Btc and Eth Correlation?

Ether is both highly correlated with bitcoin and more volatile than bitcoin. To borrow the lingo of equity markets, this makes ether a high beta version of bitcoin. When bitcoin prices rise, ether prices tend to rise more. When bitcoin prices fall, ether prices tend to fall even further.

How correlated are ETH and BTC?

The 3 months correlation between Bitcoin and Ethereum is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Bitcoin and Ethereum in the same portfolio assuming nothing else is changed.

Is Ethereum dependent on Bitcoin?

Ether is the native currency of Ethereum, an open-source blockchain platform. ... Like bitcoin, it's built on blockchain technology — essentially a distributed computer network that records all cryptocurrency transactions. But unlike bitcoin, people can build apps on top of Ethereum.