Does Zilbercoin depend on Bitcoin? According to the correlation analysis, BTC and ZBC have a strong positive relationship. The correlation coefficient of their prices is 0.50, which was calculated based on the previous 100-days' price dynamics of both assets.
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 means that the prices of the currencies are going in the contrary trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and Zilbercoin connection is positively strong, it means that when BTC is growing ZBC will grow as well. The negative strong relation will point that when BTC is growing ZBC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Zilbercoin. If we take all the factors affecting the price of ZBC as 100%, then the share of BTC price among these factors will be 25.00%. The other part which is 75.00% covers all the other things, such as news, technological releases or politics.