Does BLOCKv depend on Bitcoin? Based on the correlation analysis, BTC and VEE have a strong positive relationship. The correlation coefficient of their values is 0.45, which was measured based on the previous 100-days' price movements of both currencies.
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 points that the prices of the coins are going in the opposite direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and BLOCKv connection is positively strong, it means that when BTC is growing VEE will rise as well. The negative strong relation will tell that when BTC is growing VEE value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over BLOCKv. If we take all the circumstances affecting the price of VEE as 100%, then the share of BTC price among these factors will be 20.25%. The other part which is 79.75% covers all the other aspects, such as media, technological releases or regulations.