Bitcoin and LIVEEN Correlation

Does LIVEEN depend on Bitcoin? Based on the correlation analysis, BTC and VEEN have a strong positive relationship. The correlation coefficient of their values is 0.46, which was calculated based on the last 100-days' price dynamics 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 indicates that the prices of the currencies are moving in the contrary direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and LIVEEN connection is positively strong, it means that when BTC is growing VEEN will rise as well. The negative strong relation will indicate that when BTC is growing VEEN value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over LIVEEN. If we take all the circumstances affecting the price of VEEN as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other things, such as media, events or regulations.