⟷  

VestChain (VEST)

Correlation

0.82

Influence

67.24%

Bitcoin and VestChain Correlation

Does VestChain depend on Bitcoin? According to the correlation analysis, BTC and VEST have a very strong positive relationship. The correlation coefficient of their values is 0.82, which was computed 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 assets are moving in the opposite direction while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and VestChain connection is positively strong, it means that when BTC is growing VEST will rise as well. The negative strong relation will point that when BTC is rising VEST price will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over VestChain. If we take all the things affecting the price of VEST 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 factors, such as media, events or crypto related laws.