Does Helbiz depend on Bitcoin? Based on the correlation analysis, BTC and HBZ have no relationship. The correlation coefficient of their prices is -0.00, which was calculated based on the last 100-days' price movements 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 currencies are moving in the opposite direction while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and Helbiz connection is positively strong, it means that when BTC is growing HBZ will rise as well. The negative strong relation will show that when BTC is growing HBZ value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Helbiz. If we take all the factors affecting the price of HBZ as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as media, technological releases or politics.