Does Draftcoin depend on Bitcoin? According to the correlation analysis, BTC and DFT have no or negligible relationship. The correlation coefficient of their prices is 0.17, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
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 shows that the prices of the assets are moving in the contrary trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Draftcoin connection is positively strong, it means that when BTC is growing DFT will rise as well. The negative strong relation will show that when BTC is rising DFT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Draftcoin. If we take all the aspects affecting the price of DFT as 100%, then the share of BTC price among these factors will be 2.89%. The other part which is 97.11% covers all the other aspects, such as media, technological releases or politics.