Does Denarius depend on Bitcoin? Based on the correlation analysis, BTC and DNR have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price fluctuations of both coins.
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 means that the prices of the currencies are moving in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Denarius connection is positively strong, it means that when BTC is rising DNR will grow as well. The negative strong relation will tell that when BTC is growing DNR price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Denarius. If we take all the aspects affecting the price of DNR 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 things, such as media, technological releases or crypto related laws.