Does DopeCoin depend on Bitcoin? Based on the correlation analysis, BTC and DOPE have a strong positive relationship. The correlation coefficient of their prices is 0.62, which was measured based on the last 100-days' price fluctuations 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 means that the prices of the coins are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and DopeCoin connection is positively strong, it means that when BTC is growing DOPE will rise as well. The negative strong relation will show that when BTC is rising DOPE value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over DopeCoin. If we take all the factors affecting the price of DOPE as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other things, such as news, events or crypto related laws.