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VeriME (VME)

Correlation

0.57

Influence

32.49%

Bitcoin and VeriME Correlation

Does VeriME depend on Bitcoin? Based on the correlation analysis, BTC and VME have a strong positive relationship. The correlation coefficient of their prices is 0.57, which was measured based on the previous 100-days' price fluctuations of both currencies.

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 coins are going in the reversed direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and VeriME connection is positively strong, it means that when BTC is growing VME will rise as well. The negative strong relation will tell that when BTC is growing VME price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over VeriME. If we take all the circumstances affecting the price of VME as 100%, then the share of BTC price among these factors will be 32.49%. The other part which is 67.51% covers all the other aspects, such as news, events or crypto related laws.