Does Zippie depend on Bitcoin? Based on the correlation analysis, BTC and ZIPT have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the last 100-days' price movements 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 opposite trend while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Zippie connection is positively strong, it means that when BTC is rising ZIPT will rise as well. The negative strong relation will point that when BTC is rising ZIPT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Zippie. If we take all the circumstances affecting the price of ZIPT 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, technological releases or crypto related laws.