Does ZenCash depend on Bitcoin? Based on the correlation analysis, BTC and ZEN have a strong positive relationship. The correlation coefficient of their prices is 0.69, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
This coefficient may adjust 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 currencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and ZenCash connection is positively strong, it means that when BTC is growing ZEN will rise as well. The negative strong relation will tell that when BTC is rising ZEN price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over ZenCash. If we take all the factors affecting the price of ZEN as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other things, such as news, technological releases or regulations.