Does Vezt depend on Bitcoin? According to the correlation analysis, BTC and VZT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated 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 cryptocurrencies are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Vezt connection is positively strong, it means that when BTC is growing VZT will rise as well. The negative strong relation will point that when BTC is rising VZT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Vezt. If we take all the aspects affecting the price of VZT 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 things, such as media, events or politics.