Does PureVidz depend on Bitcoin? According to the correlation analysis, BTC and VIDZ have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was calculated based on the previous 100-days' price movements of both cryptocurrencies.
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 shows that the prices of the currencies are going in the opposite trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and PureVidz connection is positively strong, it means that when BTC is growing VIDZ will grow as well. The negative strong relation will indicate that when BTC is rising VIDZ value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over PureVidz. If we take all the factors affecting the price of VIDZ as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other circumstances, such as news, technological releases or regulations.