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DogeParty (XDP)

Correlation

0.91

Influence

82.81%

Bitcoin and DogeParty Correlation

Does DogeParty depend on Bitcoin? Based on the correlation analysis, BTC and XDP have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations of both coins.

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 tells that the prices of the currencies are going in the reversed direction while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and DogeParty connection is positively strong, it means that when BTC is rising XDP will rise as well. The negative strong relation will point that when BTC is growing XDP value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over DogeParty. If we take all the circumstances affecting the price of XDP 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 factors, such as media, technological releases or politics.