Does Devery depend on Bitcoin? According to the correlation analysis, BTC and EVE have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the previous 100-days' price dynamics of both coins.
This coefficient may change 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 points that the prices of the assets are going in the contrary direction while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Devery connection is positively strong, it means that when BTC is growing EVE will grow as well. The negative strong relation will show that when BTC is rising EVE value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Devery. If we take all the things affecting the price of EVE 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 circumstances, such as news, technological releases or politics.