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Bit-Z (BZ)

Correlation

-0.68

Influence

46.24%

Bitcoin and Bit-Z Correlation

Does Bit-Z depend on Bitcoin? According to the correlation analysis, BTC and BZ have a strong negative relationship. The correlation coefficient of their prices is -0.68, which was estimated based on the previous 100-days' price fluctuations of both coins.

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 means that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and Bit-Z connection is positively strong, it means that when BTC is rising BZ will rise as well. The negative strong relation will show that when BTC is rising BZ price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bit-Z. If we take all the circumstances affecting the price of BZ as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, technological releases or politics.