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TheVig (VIG)

Correlation

0.91

Influence

82.81%

Bitcoin and TheVig Correlation

Does TheVig depend on Bitcoin? According to the correlation analysis, BTC and VIG have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations 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 tells that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and TheVig connection is positively strong, it means that when BTC is rising VIG will rise as well. The negative strong relation will indicate that when BTC is growing VIG value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over TheVig. If we take all the things affecting the price of VIG 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 circumstances, such as media, events or politics.