Does ViorCoin depend on Bitcoin? Based on the correlation analysis, BTC and VIOR have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
This coefficient may range 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 points that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the same trend. For instance, if Bitcoin and ViorCoin connection is positively strong, it means that when BTC is rising VIOR will grow as well. The negative strong relation will tell that when BTC is growing VIOR price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over ViorCoin. If we take all the aspects affecting the price of VIOR 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 aspects, such as news, technological releases or regulations.