Does Bitvote depend on Bitcoin? Based on the correlation analysis, BTC and BTV have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price dynamics 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 shows that the prices of the coins are moving in the contrary trend while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and Bitvote connection is positively strong, it means that when BTC is rising BTV will grow as well. The negative strong relation will show that when BTC is growing BTV price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitvote. If we take all the aspects affecting the price of BTV 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 media, technological releases or crypto related laws.