Does DogeGoreCoin depend on Bitcoin? Based on the correlation analysis, BTC and DGORE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price movements 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 shows that the prices of the coins are going in the opposite trend while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and DogeGoreCoin connection is positively strong, it means that when BTC is growing DGORE will grow as well. The negative strong relation will indicate that when BTC is growing DGORE value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DogeGoreCoin. If we take all the aspects affecting the price of DGORE 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 aspects, such as news, technological releases or crypto related laws.