Does EtherZero depend on Bitcoin? According to the correlation analysis, BTC and ETZ have a strong positive relationship. The correlation coefficient of their values is 0.65, which was measured based on the last 100-days' price dynamics 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 points that the prices of the coins are moving in the contrary trend while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and EtherZero connection is positively strong, it means that when BTC is rising ETZ will rise as well. The negative strong relation will indicate that when BTC is growing ETZ value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over EtherZero. If we take all the aspects affecting the price of ETZ as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other things, such as media, events or politics.