Does VeChainThor depend on Bitcoin? Based on the correlation analysis, BTC and VTHO have a very strong positive relationship. The correlation coefficient of their prices is 0.71, which was computed based on the previous 100-days' price dynamics of both coins.
This coefficient may adjust 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 assets are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and VeChainThor connection is positively strong, it means that when BTC is rising VTHO will rise as well. The negative strong relation will show that when BTC is growing VTHO price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over VeChainThor . If we take all the things affecting the price of VTHO as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other circumstances, such as media, events or crypto related laws.