Does Vice Industry Token depend on Bitcoin? Based on the correlation analysis, BTC and VIT have a strong positive relationship. The correlation coefficient of their values is 0.63, which was calculated based on the previous 100-days' price dynamics 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 tells that the prices of the currencies are going in the contrary trend while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Vice Industry Token connection is positively strong, it means that when BTC is growing VIT will rise as well. The negative strong relation will indicate that when BTC is growing VIT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Vice Industry Token. If we take all the things affecting the price of VIT as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other circumstances, such as media, events or regulations.