Does Vcash depend on Bitcoin? According to the correlation analysis, BTC and XVC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements of both cryptocurrencies.
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 points that the prices of the coins are going in the opposite trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Vcash connection is positively strong, it means that when BTC is growing XVC will rise as well. The negative strong relation will tell that when BTC is growing XVC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Vcash. If we take all the things affecting the price of XVC 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 things, such as news, technological releases or crypto related laws.