Does ZoomCoin depend on Bitcoin? Based on the correlation analysis, BTC and ZOOM have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price movements of both coins.
This coefficient may adjust 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 shows that the prices of the assets are going in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and ZoomCoin connection is positively strong, it means that when BTC is growing ZOOM will rise as well. The negative strong relation will indicate that when BTC is rising ZOOM value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ZoomCoin. If we take all the factors affecting the price of ZOOM 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 aspects, such as media, events or politics.