Does VirtacoinPlus depend on Bitcoin? Based on the correlation analysis, BTC and XVP have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 tells that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and VirtacoinPlus connection is positively strong, it means that when BTC is rising XVP will rise as well. The negative strong relation will show that when BTC is growing XVP value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over VirtacoinPlus. If we take all the things affecting the price of XVP 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 factors, such as media, technological releases or politics.