Does Viewly depend on Bitcoin? According to the correlation analysis, BTC and VIEW have a strong positive relationship. The correlation coefficient of their prices is 0.62, which was estimated based on the last 100-days' price fluctuations of both coins.
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 shows that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and Viewly connection is positively strong, it means that when BTC is rising VIEW will rise as well. The negative strong relation will point that when BTC is growing VIEW price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Viewly. If we take all the circumstances affecting the price of VIEW as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other things, such as media, technological releases or regulations.