Does DeOxyRibose depend on Bitcoin? Based on the correlation analysis, BTC and XNA have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations 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 means that the prices of the assets are going in the reversed trend while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and DeOxyRibose connection is positively strong, it means that when BTC is growing XNA will rise as well. The negative strong relation will indicate that when BTC is growing XNA price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over DeOxyRibose. If we take all the circumstances affecting the price of XNA 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 things, such as news, technological releases or regulations.