Does Chronologic depend on Bitcoin? Based on the correlation analysis, BTC and DAY have a weak positive relationship. The correlation coefficient of their values is 0.23, which was estimated based on the previous 100-days' price dynamics of both assets.
This coefficient may range 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 cryptocurrencies are going in the contrary trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Chronologic connection is positively strong, it means that when BTC is rising DAY will grow as well. The negative strong relation will indicate that when BTC is rising DAY price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Chronologic. If we take all the factors affecting the price of DAY as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as news, technological releases or politics.