Does Vexanium depend on Bitcoin? According to the correlation analysis, BTC and VEX have no or negligible relationship. The correlation coefficient of their values is -0.06, which was computed based on the last 100-days' price dynamics 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 indicates that the prices of the assets are moving in the contrary direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Vexanium connection is positively strong, it means that when BTC is growing VEX will rise as well. The negative strong relation will tell that when BTC is growing VEX value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Vexanium. If we take all the aspects affecting the price of VEX as 100%, then the share of BTC price among these factors will be 0.36%. The other part which is 99.64% covers all the other factors, such as media, technological releases or regulations.