Does BitVolt depend on Bitcoin? According to the correlation analysis, BTC and VOLT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics of both currencies.
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 tells that the prices of the currencies 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 BitVolt connection is positively strong, it means that when BTC is growing VOLT will rise as well. The negative strong relation will indicate that when BTC is rising VOLT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitVolt. If we take all the things affecting the price of VOLT 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 factors, such as media, technological releases or politics.