Does Destiny depend on Bitcoin? Based on the correlation analysis, BTC and DES have a strong positive relationship. The correlation coefficient of their prices is 0.61, which was calculated based on the previous 100-days' price movements of both currencies.
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 indicates that the prices of the currencies are going in the opposite direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Destiny connection is positively strong, it means that when BTC is growing DES will rise as well. The negative strong relation will point that when BTC is growing DES price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Destiny. If we take all the aspects affecting the price of DES as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other aspects, such as media, events or crypto related laws.