Does Oxcert depend on Bitcoin? According to the correlation analysis, BTC and ZXC have no or negligible relationship. The correlation coefficient of their prices is -0.02, which was computed based on the last 100-days' price movements of both coins.
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 moving in the opposite direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and Oxcert connection is positively strong, it means that when BTC is growing ZXC will rise as well. The negative strong relation will point that when BTC is growing ZXC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Oxcert. If we take all the things affecting the price of ZXC as 100%, then the share of BTC price among these factors will be 0.04%. The other part which is 99.96% covers all the other things, such as news, events or politics.