Does Zelcash depend on Bitcoin? According to the correlation analysis, BTC and ZEL have a very strong positive relationship. The correlation coefficient of their values is 0.74, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may vary 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 coins are going in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Zelcash connection is positively strong, it means that when BTC is growing ZEL will grow as well. The negative strong relation will indicate that when BTC is rising ZEL value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Zelcash. If we take all the things affecting the price of ZEL as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other aspects, such as news, technological releases or politics.