Bitcoin and DOVU Correlation

Does DOVU depend on Bitcoin? Based on the correlation analysis, BTC and DOVU have a strong positive relationship. The correlation coefficient of their values is 0.47, which was computed 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 points that the prices of the assets are moving in the reversed direction while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and DOVU connection is positively strong, it means that when BTC is rising DOVU will grow as well. The negative strong relation will show that when BTC is growing DOVU value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over DOVU. If we take all the factors affecting the price of DOVU as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other circumstances, such as news, technological releases or regulations.