Does DuckDuckCoin depend on Bitcoin? According to the correlation analysis, BTC and DUCK have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
This coefficient may vary 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 coins are going in the reversed trend while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and DuckDuckCoin connection is positively strong, it means that when BTC is growing DUCK will grow as well. The negative strong relation will tell that when BTC is rising DUCK value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over DuckDuckCoin. If we take all the factors affecting the price of DUCK as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as news, technological releases or politics.