Does Zero depend on Bitcoin? According to the correlation analysis, BTC and ZER have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
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 points that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient means that the prices are moving in the identical direction. For instance, if Bitcoin and Zero connection is positively strong, it means that when BTC is rising ZER will rise as well. The negative strong relation will indicate that when BTC is rising ZER price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Zero. If we take all the things affecting the price of ZER as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as media, events or crypto related laws.