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ZoneCoin (ZNE)

Correlation

0.91

Influence

82.81%

Bitcoin and ZoneCoin Correlation

Does ZoneCoin depend on Bitcoin? According to the correlation analysis, BTC and ZNE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price dynamics of both assets.

This coefficient may change 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 assets 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 ZoneCoin connection is positively strong, it means that when BTC is growing ZNE will grow as well. The negative strong relation will show that when BTC is growing ZNE price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ZoneCoin. If we take all the circumstances affecting the price of ZNE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as media, events or politics.