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ZClassic (ZCL)

Correlation

0.84

Influence

70.56%

Bitcoin and ZClassic Correlation

Does ZClassic depend on Bitcoin? Based on the correlation analysis, BTC and ZCL have a very strong positive relationship. The correlation coefficient of their prices is 0.84, which was measured based on the previous 100-days' price fluctuations of both coins.

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 means that the prices of the coins are going in the reversed direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and ZClassic connection is positively strong, it means that when BTC is rising ZCL will rise as well. The negative strong relation will point that when BTC is growing ZCL value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ZClassic. If we take all the things affecting the price of ZCL as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other factors, such as news, technological releases or politics.