Bitcoin and ZCashGOLD Correlation

Does ZCashGOLD depend on Bitcoin? Based on the correlation analysis, BTC and ZCG have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price fluctuations of both currencies.

This coefficient may range 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 coins are moving in the reversed direction while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and ZCashGOLD connection is positively strong, it means that when BTC is growing ZCG will grow as well. The negative strong relation will indicate that when BTC is growing ZCG price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ZCashGOLD. If we take all the circumstances affecting the price of ZCG 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, events or politics.