Does DEEX depend on Bitcoin? According to the correlation analysis, BTC and DEEX have no or negligible relationship. The correlation coefficient of their prices is -0.13, which was calculated based on the last 100-days' price dynamics of both coins.
This coefficient may vary 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 currencies are moving in the contrary direction while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and DEEX connection is positively strong, it means that when BTC is rising DEEX will grow as well. The negative strong relation will show that when BTC is growing DEEX value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over DEEX. If we take all the factors affecting the price of DEEX as 100%, then the share of BTC price among these factors will be 1.69%. The other part which is 98.31% covers all the other circumstances, such as media, events or crypto related laws.