Does Veritaseum depend on Bitcoin? Based on the correlation analysis, BTC and VERI have no or negligible relationship. The correlation coefficient of their values is -0.09, which was calculated based on the previous 100-days' price fluctuations 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 points that the prices of the currencies are going in the reversed trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and Veritaseum connection is positively strong, it means that when BTC is rising VERI will grow as well. The negative strong relation will show that when BTC is growing VERI price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Veritaseum. If we take all the factors affecting the price of VERI as 100%, then the share of BTC price among these factors will be 0.81%. The other part which is 99.19% covers all the other factors, such as media, events or regulations.