Does BitDice depend on Bitcoin? Based on the correlation analysis, BTC and CSNO have a very strong positive relationship. The correlation coefficient of their prices is 0.78, which was estimated based on the last 100-days' price dynamics of both assets.
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 shows that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and BitDice connection is positively strong, it means that when BTC is rising CSNO will rise as well. The negative strong relation will show that when BTC is rising CSNO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over BitDice. If we take all the aspects affecting the price of CSNO as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other factors, such as news, events or politics.