Bitcoin and DAEX Correlation

Does DAEX depend on Bitcoin? Based on the correlation analysis, BTC and DAX have no or negligible relationship. The correlation coefficient of their prices is -0.19, which was estimated based on the previous 100-days' price movements 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 opposite trend while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and DAEX connection is positively strong, it means that when BTC is rising DAX will rise as well. The negative strong relation will show that when BTC is rising DAX value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over DAEX. If we take all the aspects affecting the price of DAX as 100%, then the share of BTC price among these factors will be 3.61%. The other part which is 96.39% covers all the other circumstances, such as media, events or regulations.