Does BitVegan depend on Bitcoin? According to the correlation analysis, BTC and VEG have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price dynamics of both coins.
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 means that the prices of the assets are moving in the contrary direction while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and BitVegan connection is positively strong, it means that when BTC is growing VEG will rise as well. The negative strong relation will point that when BTC is rising VEG value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitVegan. If we take all the aspects affecting the price of VEG 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 things, such as news, technological releases or crypto related laws.