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ZeroBank (ZB)

Correlation

0.55

Influence

30.25%

Bitcoin and ZeroBank Correlation

Does ZeroBank depend on Bitcoin? Based on the correlation analysis, BTC and ZB have a strong positive relationship. The correlation coefficient of their values is 0.55, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.

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 points that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and ZeroBank connection is positively strong, it means that when BTC is growing ZB will grow as well. The negative strong relation will tell that when BTC is rising ZB value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ZeroBank. If we take all the factors affecting the price of ZB as 100%, then the share of BTC price among these factors will be 30.25%. The other part which is 69.75% covers all the other factors, such as news, events or regulations.