Does VenusEnergy depend on Bitcoin? Based on the correlation analysis, BTC and VENUS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
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 cryptocurrencies are going in the opposite trend while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and VenusEnergy connection is positively strong, it means that when BTC is growing VENUS will rise as well. The negative strong relation will indicate that when BTC is rising VENUS price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over VenusEnergy. If we take all the aspects affecting the price of VENUS 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 aspects, such as media, technological releases or politics.