Does Droxne depend on Bitcoin? Based on the correlation analysis, BTC and DRXNE have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.
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 cryptocurrencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Droxne connection is positively strong, it means that when BTC is growing DRXNE will rise as well. The negative strong relation will show that when BTC is rising DRXNE value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Droxne. If we take all the circumstances affecting the price of DRXNE as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other aspects, such as media, technological releases or politics.