Does YobitVirtualCoin depend on Bitcoin? Based on the correlation analysis, BTC and YOVI have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements 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 points that the prices of the assets are moving in the opposite trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and YobitVirtualCoin connection is positively strong, it means that when BTC is rising YOVI will grow as well. The negative strong relation will indicate that when BTC is rising YOVI price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over YobitVirtualCoin. If we take all the circumstances affecting the price of YOVI 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 aspects, such as news, technological releases or politics.