Does Versa Token depend on Bitcoin? According to the correlation analysis, BTC and VERSA have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price dynamics of both currencies.
This coefficient may vary 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 moving in the contrary direction while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and Versa Token connection is positively strong, it means that when BTC is growing VERSA will rise as well. The negative strong relation will show that when BTC is rising VERSA price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Versa Token. If we take all the things affecting the price of VERSA 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 factors, such as media, events or crypto related laws.