Does Bitz Coin depend on Bitcoin? According to the correlation analysis, BTC and BITZ have no relationship. The correlation coefficient of their prices is 0.00, which was measured 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 shows that the prices of the coins are going in the reversed direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and Bitz Coin connection is positively strong, it means that when BTC is growing BITZ will grow as well. The negative strong relation will indicate that when BTC is rising BITZ price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Bitz Coin. If we take all the aspects affecting the price of BITZ as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as media, events or politics.