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Zenad (ZND)

Correlation

0.34

Influence

11.56%

Bitcoin and Zenad Correlation

Does Zenad depend on Bitcoin? Based on the correlation analysis, BTC and ZND have a moderate positive relationship. The correlation coefficient of their values is 0.34, which was computed based on the previous 100-days' price movements 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 tells that the prices of the assets are going in the opposite direction while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and Zenad connection is positively strong, it means that when BTC is rising ZND will rise as well. The negative strong relation will indicate that when BTC is rising ZND value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Zenad. If we take all the circumstances affecting the price of ZND as 100%, then the share of BTC price among these factors will be 11.56%. The other part which is 88.44% covers all the other factors, such as news, events or regulations.