Does Rivetz depend on Bitcoin? According to the correlation analysis, BTC and RVT have a strong positive relationship. The correlation coefficient of their prices is 0.61, which was estimated based on the previous 100-days' price fluctuations 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 means that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Rivetz connection is positively strong, it means that when BTC is growing RVT will rise as well. The negative strong relation will show that when BTC is rising RVT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Rivetz. If we take all the factors affecting the price of RVT as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other circumstances, such as news, technological releases or crypto related laws.