Does DRP Utility depend on Bitcoin? Based on the correlation analysis, BTC and DRPU have no or negligible relationship. The correlation coefficient of their prices is -0.02, which was computed based on the previous 100-days' price movements 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 assets are going in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and DRP Utility connection is positively strong, it means that when BTC is growing DRPU will rise as well. The negative strong relation will point that when BTC is growing DRPU price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over DRP Utility. If we take all the aspects affecting the price of DRPU as 100%, then the share of BTC price among these factors will be 0.04%. The other part which is 99.96% covers all the other aspects, such as news, technological releases or crypto related laws.