Does IOV depend on Bitcoin? According to the correlation analysis, BTC and IOV have a strong positive relationship. The correlation coefficient of their values is 0.60, which was calculated based on the previous 100-days' price dynamics of both coins.
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 points that the prices of the currencies are going in the contrary direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and IOV connection is positively strong, it means that when BTC is rising IOV will rise as well. The negative strong relation will tell that when BTC is growing IOV value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over IOV. If we take all the aspects affecting the price of IOV as 100%, then the share of BTC price among these factors will be 36.00%. The other part which is 64.00% covers all the other circumstances, such as news, events or crypto related laws.