Does Valid depend on Bitcoin? According to the correlation analysis, BTC and VLD have a moderate negative relationship. The correlation coefficient of their values is -0.33, which was computed based on the last 100-days' price movements 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 tells that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and Valid connection is positively strong, it means that when BTC is growing VLD will rise as well. The negative strong relation will point that when BTC is rising VLD price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Valid. If we take all the things affecting the price of VLD as 100%, then the share of BTC price among these factors will be 10.89%. The other part which is 89.11% covers all the other factors, such as news, technological releases or regulations.