Does InvisibleCoin depend on Bitcoin? Based on the correlation analysis, BTC and IVZ have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements of both coins.
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 tells that the prices of the coins are going in the opposite direction while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and InvisibleCoin connection is positively strong, it means that when BTC is rising IVZ will rise as well. The negative strong relation will point that when BTC is growing IVZ price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over InvisibleCoin. If we take all the circumstances affecting the price of IVZ 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 regulations.