Does VectorCoin 2.0 depend on Bitcoin? According to the correlation analysis, BTC and VEC2 have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price dynamics of both currencies.
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 shows that the prices of the coins are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and VectorCoin 2.0 connection is positively strong, it means that when BTC is rising VEC2 will rise as well. The negative strong relation will indicate that when BTC is growing VEC2 value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over VectorCoin 2.0 . If we take all the aspects affecting the price of VEC2 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, events or regulations.