Does VIP Tokens depend on Bitcoin? Based on the correlation analysis, BTC and VIP have no relationship. The correlation coefficient of their values is 0.00, which was estimated based on the previous 100-days' price movements of both coins.
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 cryptocurrencies are going in the opposite direction while the positive coefficient shows that the prices are going in the same trend. For example, if Bitcoin and VIP Tokens connection is positively strong, it means that when BTC is rising VIP will rise as well. The negative strong relation will show that when BTC is rising VIP value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over VIP Tokens. If we take all the things affecting the price of VIP as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as news, events or politics.