Does MoneroV depend on Bitcoin? Based on the correlation analysis, BTC and XMV have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price dynamics 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 points that the prices of the currencies are going in the contrary direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and MoneroV connection is positively strong, it means that when BTC is rising XMV will rise as well. The negative strong relation will tell that when BTC is growing XMV value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MoneroV. If we take all the aspects affecting the price of XMV 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 aspects, such as news, technological releases or politics.