Does Bluzelle depend on Bitcoin? Based on the correlation analysis, BTC and BLZ have a very strong positive relationship. The correlation coefficient of their values is 0.70, which was measured based on the previous 100-days' price movements of both assets.
This coefficient may adjust 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 going in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Bluzelle connection is positively strong, it means that when BTC is rising BLZ will rise as well. The negative strong relation will tell that when BTC is rising BLZ value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bluzelle. If we take all the factors affecting the price of BLZ as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other things, such as media, technological releases or crypto related laws.