Does VirtaCoin depend on Bitcoin? Based on the correlation analysis, BTC and VTA have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price movements of both currencies.
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 tells that the prices of the currencies are going in the opposite direction while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and VirtaCoin connection is positively strong, it means that when BTC is rising VTA will grow as well. The negative strong relation will indicate that when BTC is rising VTA value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over VirtaCoin. If we take all the things affecting the price of VTA 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 circumstances, such as news, events or regulations.