Does Rover Coin depend on Bitcoin? Based on the correlation analysis, BTC and ROE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 indicates that the prices of the currencies are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Rover Coin connection is positively strong, it means that when BTC is growing ROE will grow as well. The negative strong relation will point that when BTC is growing ROE value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Rover Coin. If we take all the things affecting the price of ROE 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 aspects, such as media, events or politics.