Does Voise depend on Bitcoin? According to the correlation analysis, BTC and VOISE have a strong positive relationship. The correlation coefficient of their values is 0.62, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may change 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 indicates that the prices of the coins are moving in the contrary trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Voise connection is positively strong, it means that when BTC is growing VOISE will rise as well. The negative strong relation will show that when BTC is rising VOISE price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Voise. If we take all the aspects affecting the price of VOISE as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other things, such as news, events or regulations.