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Daneel (DAN)

Correlation

0.18

Influence

3.24%

Bitcoin and Daneel Correlation

Does Daneel depend on Bitcoin? Based on the correlation analysis, BTC and DAN have no or negligible relationship. The correlation coefficient of their prices is 0.18, which was computed based on the last 100-days' price fluctuations of both currencies.

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 assets are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and Daneel connection is positively strong, it means that when BTC is rising DAN will rise as well. The negative strong relation will point that when BTC is growing DAN value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Daneel. If we take all the aspects affecting the price of DAN as 100%, then the share of BTC price among these factors will be 3.24%. The other part which is 96.76% covers all the other things, such as media, events or crypto related laws.