Does Zebi Coin depend on Bitcoin? According to the correlation analysis, BTC and ZCO have a weak positive relationship. The correlation coefficient of their prices is 0.24, which was computed based on the previous 100-days' price fluctuations of both currencies.
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 direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Zebi Coin connection is positively strong, it means that when BTC is rising ZCO will grow as well. The negative strong relation will tell that when BTC is rising ZCO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Zebi Coin. If we take all the circumstances affecting the price of ZCO as 100%, then the share of BTC price among these factors will be 5.76%. The other part which is 94.24% covers all the other circumstances, such as media, events or regulations.