Does DAO.casino depend on Bitcoin? According to the correlation analysis, BTC and BET* have a strong positive relationship. The correlation coefficient of their prices is 0.56, which was calculated based on the last 100-days' price movements of both assets.
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 currencies are moving in the opposite trend while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and DAO.casino connection is positively strong, it means that when BTC is growing BET* will rise as well. The negative strong relation will show that when BTC is rising BET* value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DAO.casino. If we take all the things affecting the price of BET* as 100%, then the share of BTC price among these factors will be 31.36%. The other part which is 68.64% covers all the other circumstances, such as media, technological releases or politics.