Does Verge depend on Bitcoin? Based on the correlation analysis, BTC and XVG have a very strong positive relationship. The correlation coefficient of their prices is 0.82, which was estimated based on the previous 100-days' price dynamics of both assets.
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 means that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Verge connection is positively strong, it means that when BTC is rising XVG will rise as well. The negative strong relation will indicate that when BTC is rising XVG price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Verge. If we take all the factors affecting the price of XVG as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other circumstances, such as news, technological releases or regulations.