Does Veredictum depend on Bitcoin? According to the correlation analysis, BTC and VNT have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was measured based on the last 100-days' price movements 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 tells that the prices of the coins are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Veredictum connection is positively strong, it means that when BTC is growing VNT will grow as well. The negative strong relation will tell that when BTC is growing VNT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Veredictum. If we take all the circumstances affecting the price of VNT 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 things, such as media, technological releases or crypto related laws.