⟷  

BitcoinZ (BTCZ)

Correlation

0.63

Influence

39.69%

Bitcoin and BitcoinZ Correlation

Does BitcoinZ depend on Bitcoin? According to the correlation analysis, BTC and BTCZ have a strong positive relationship. The correlation coefficient of their values is 0.63, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.

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 tells that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and BitcoinZ connection is positively strong, it means that when BTC is rising BTCZ will grow as well. The negative strong relation will indicate that when BTC is growing BTCZ value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitcoinZ. If we take all the factors affecting the price of BTCZ 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 aspects, such as media, technological releases or crypto related laws.