⟷  

VootCoin (VOOT)

Correlation

0.91

Influence

82.81%

Bitcoin and VootCoin Correlation

Does VootCoin depend on Bitcoin? Based on the correlation analysis, BTC and VOOT 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 assets.

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 cryptocurrencies are going in the reversed trend while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and VootCoin connection is positively strong, it means that when BTC is rising VOOT will grow as well. The negative strong relation will show that when BTC is rising VOOT price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over VootCoin. If we take all the aspects affecting the price of VOOT 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 news, events or politics.