Bitcoin and V-ID Correlation

Does V-ID depend on Bitcoin? According to the correlation analysis, BTC and VIDT have a strong positive relationship. The correlation coefficient of their prices is 0.53, which was measured based on the last 100-days' price dynamics of both coins.

This coefficient may vary 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 coins are moving in the contrary direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and V-ID connection is positively strong, it means that when BTC is growing VIDT will rise as well. The negative strong relation will tell that when BTC is rising VIDT price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over V-ID. If we take all the things affecting the price of VIDT as 100%, then the share of BTC price among these factors will be 28.09%. The other part which is 71.91% covers all the other aspects, such as news, events or politics.