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Viewo (VEO)

Correlation

-0.31

Influence

9.61%

Bitcoin and Viewo Correlation

Does Viewo depend on Bitcoin? Based on the correlation analysis, BTC and VEO have a moderate negative relationship. The correlation coefficient of their values is -0.31, which was computed based on the last 100-days' price fluctuations of both coins.

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 indicates that the prices of the assets are moving in the reversed direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Viewo connection is positively strong, it means that when BTC is rising VEO will rise as well. The negative strong relation will point that when BTC is growing VEO price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Viewo. If we take all the aspects affecting the price of VEO as 100%, then the share of BTC price among these factors will be 9.61%. The other part which is 90.39% covers all the other circumstances, such as news, technological releases or politics.