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Horizon (HZ)

Correlation

0.91

Influence

82.81%

Bitcoin and Horizon Correlation

Does Horizon depend on Bitcoin? According to the correlation analysis, BTC and HZ 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 currencies.

This coefficient may vary 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 direction while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and Horizon connection is positively strong, it means that when BTC is rising HZ will rise as well. The negative strong relation will indicate that when BTC is growing HZ value will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Horizon. If we take all the factors affecting the price of HZ 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 crypto related laws.