Does Zilla depend on Bitcoin? Based on the correlation analysis, BTC and ZLA have a strong positive relationship. The correlation coefficient of their prices is 0.46, which was calculated based on the last 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 indicates that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Zilla connection is positively strong, it means that when BTC is growing ZLA will grow as well. The negative strong relation will show that when BTC is growing ZLA price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Zilla. If we take all the aspects affecting the price of ZLA as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other things, such as news, events or politics.