Does DCORP depend on Bitcoin? Based on the correlation analysis, BTC and DRP have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price dynamics of both coins.
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 points that the prices of the assets are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and DCORP connection is positively strong, it means that when BTC is rising DRP will grow as well. The negative strong relation will point that when BTC is rising DRP value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DCORP. If we take all the circumstances affecting the price of DRP as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as news, technological releases or politics.