Does DT Token depend on Bitcoin? Based on the correlation analysis, BTC and DRACO have a very strong positive relationship. The correlation coefficient of their prices is 0.70, which was computed based on the previous 100-days' price movements of both coins.
This coefficient may adjust 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 direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and DT Token connection is positively strong, it means that when BTC is rising DRACO will rise as well. The negative strong relation will point that when BTC is rising DRACO value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over DT Token. If we take all the things affecting the price of DRACO as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other things, such as media, events or crypto related laws.