Does Bizkey depend on Bitcoin? Based on the correlation analysis, BTC and BZKY have a strong positive relationship. The correlation coefficient of their values is 0.62, which was measured based on the last 100-days' price movements of both coins.
This coefficient may range 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 points that the prices of the coins are moving in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and Bizkey connection is positively strong, it means that when BTC is rising BZKY will rise as well. The negative strong relation will show that when BTC is growing BZKY value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Bizkey. If we take all the aspects affecting the price of BZKY as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other aspects, such as media, technological releases or politics.