Does Dock.io depend on Bitcoin? According to the correlation analysis, BTC and DOCK have a very strong negative relationship. The correlation coefficient of their values is -0.76, which was estimated based on the previous 100-days' price fluctuations of both assets.
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 tells that the prices of the cryptocurrencies are going in the reversed trend while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and Dock.io connection is positively strong, it means that when BTC is growing DOCK will grow as well. The negative strong relation will point that when BTC is growing DOCK price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Dock.io. If we take all the things affecting the price of DOCK as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other aspects, such as media, technological releases or politics.