Does Viuly depend on Bitcoin? Based on the correlation analysis, BTC and VIU have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was measured based on the last 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 coins are moving in the reversed trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and Viuly connection is positively strong, it means that when BTC is growing VIU will rise as well. The negative strong relation will show that when BTC is growing VIU value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Viuly. If we take all the factors affecting the price of VIU as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other things, such as news, events or regulations.