Does Crypviser depend on Bitcoin? According to the correlation analysis, BTC and CVCOIN have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was calculated based on the previous 100-days' price fluctuations 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 shows that the prices of the currencies are going in the reversed direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Crypviser connection is positively strong, it means that when BTC is rising CVCOIN will rise as well. The negative strong relation will show that when BTC is growing CVCOIN value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Crypviser. If we take all the circumstances affecting the price of CVCOIN as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other things, such as news, events or politics.