Does Invictus depend on Bitcoin? Based on the correlation analysis, BTC and INV have a strong negative relationship. The correlation coefficient of their prices is -0.56, which was calculated based on the last 100-days' price fluctuations of both currencies.
This coefficient may adjust 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 means that the prices of the currencies are moving in the reversed direction while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and Invictus connection is positively strong, it means that when BTC is rising INV will grow as well. The negative strong relation will indicate that when BTC is rising INV price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Invictus. If we take all the aspects affecting the price of INV as 100%, then the share of BTC price among these factors will be 31.36%. The other part which is 68.64% covers all the other circumstances, such as news, events or politics.