Does BitZeny depend on Bitcoin? According to the correlation analysis, BTC and ZNY have a very strong positive relationship. The correlation coefficient of their prices is 0.85, which was calculated based on the previous 100-days' price movements of both assets.
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 currencies are going in the opposite trend while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and BitZeny connection is positively strong, it means that when BTC is rising ZNY will grow as well. The negative strong relation will point that when BTC is rising ZNY price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitZeny. If we take all the things affecting the price of ZNY as 100%, then the share of BTC price among these factors will be 72.25%. The other part which is 27.75% covers all the other things, such as media, events or crypto related laws.