Does KZCash depend on Bitcoin? According to the correlation analysis, BTC and KZC have a weak positive relationship. The correlation coefficient of their prices is 0.28, which was computed based on the previous 100-days' price fluctuations 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 indicates that the prices of the assets are going in the reversed trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and KZCash connection is positively strong, it means that when BTC is rising KZC will rise as well. The negative strong relation will indicate that when BTC is rising KZC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over KZCash. If we take all the factors affecting the price of KZC as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other circumstances, such as news, technological releases or crypto related laws.