Does Votecoin depend on Bitcoin? Based on the correlation analysis, BTC and VOT have a strong negative relationship. The correlation coefficient of their prices is -0.46, which was computed based on the previous 100-days' price dynamics 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 shows that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For instance, if Bitcoin and Votecoin connection is positively strong, it means that when BTC is rising VOT will rise as well. The negative strong relation will indicate that when BTC is growing VOT price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Votecoin. If we take all the aspects affecting the price of VOT as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other things, such as news, technological releases or politics.