Does CyberVein depend on Bitcoin? Based on the correlation analysis, BTC and CVT have a moderate positive relationship. The correlation coefficient of their values is 0.37, which was calculated 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 points that the prices of the currencies are moving in the contrary trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and CyberVein connection is positively strong, it means that when BTC is growing CVT will rise as well. The negative strong relation will show that when BTC is growing CVT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over CyberVein. If we take all the things affecting the price of CVT as 100%, then the share of BTC price among these factors will be 13.69%. The other part which is 86.31% covers all the other things, such as news, events or regulations.