Does Zilliqa depend on Bitcoin? According to the correlation analysis, BTC and ZIL have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was estimated based on the last 100-days' price fluctuations 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 tells that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Zilliqa connection is positively strong, it means that when BTC is rising ZIL will grow as well. The negative strong relation will point that when BTC is growing ZIL price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Zilliqa. If we take all the factors affecting the price of ZIL as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other circumstances, such as news, technological releases or politics.