Does Delphy depend on Bitcoin? Based on the correlation analysis, BTC and DPY have no or negligible relationship. The correlation coefficient of their prices is -0.18, which was measured based on the previous 100-days' price fluctuations of both assets.
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 indicates that the prices of the coins are going in the reversed trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Delphy connection is positively strong, it means that when BTC is growing DPY will grow as well. The negative strong relation will point that when BTC is rising DPY price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Delphy. If we take all the factors affecting the price of DPY as 100%, then the share of BTC price among these factors will be 3.24%. The other part which is 96.76% covers all the other circumstances, such as news, technological releases or regulations.