Does HazeCoin depend on Bitcoin? Based on the correlation analysis, BTC and HAZE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
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 cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and HazeCoin connection is positively strong, it means that when BTC is rising HAZE will rise as well. The negative strong relation will tell that when BTC is growing HAZE price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over HazeCoin. If we take all the aspects affecting the price of HAZE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as media, events or regulations.