Does DREP depend on Bitcoin? According to the correlation analysis, BTC and DREP have a moderate positive relationship. The correlation coefficient of their prices is 0.30, which was calculated 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 indicates that the prices of the currencies are moving in the contrary trend while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and DREP connection is positively strong, it means that when BTC is rising DREP will rise as well. The negative strong relation will tell that when BTC is growing DREP value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DREP. If we take all the things affecting the price of DREP as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other aspects, such as media, events or regulations.