Does 0x depend on Bitcoin? According to the correlation analysis, BTC and ZRX have a strong negative relationship. The correlation coefficient of their prices is -0.63, which was measured based on the last 100-days' price dynamics of both currencies.
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 shows that the prices of the coins are moving in the contrary direction while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and 0x connection is positively strong, it means that when BTC is growing ZRX will rise as well. The negative strong relation will indicate that when BTC is rising ZRX value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over 0x. If we take all the aspects affecting the price of ZRX as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other factors, such as news, events or crypto related laws.