Does BitcoinDark depend on Bitcoin? According to the correlation analysis, BTC and BTCD have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements 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 currencies are moving in the opposite trend while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and BitcoinDark connection is positively strong, it means that when BTC is rising BTCD will rise as well. The negative strong relation will point that when BTC is rising BTCD price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitcoinDark. If we take all the factors affecting the price of BTCD 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 media, events or crypto related laws.