Does HazMatCoin depend on Bitcoin? Based on the correlation analysis, BTC and HZT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price dynamics of both currencies.
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 means that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and HazMatCoin connection is positively strong, it means that when BTC is growing HZT will grow as well. The negative strong relation will show that when BTC is rising HZT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over HazMatCoin. If we take all the things affecting the price of HZT 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 circumstances, such as media, technological releases or crypto related laws.