Does DACash depend on Bitcoin? According to the correlation analysis, BTC and DAC have a very strong positive relationship. The correlation coefficient of their prices is 0.70, which was estimated based on the last 100-days' price movements of both cryptocurrencies.
This coefficient may change 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 opposite trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and DACash connection is positively strong, it means that when BTC is growing DAC will rise as well. The negative strong relation will indicate that when BTC is growing DAC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over DACash. If we take all the things affecting the price of DAC as 100%, then the share of BTC price among these factors will be 49.00%. The other part which is 51.00% covers all the other aspects, such as news, events or crypto related laws.