Does DarkBit depend on Bitcoin? According to the correlation analysis, BTC and DB have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations of both currencies.
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 indicates that the prices of the coins are moving in the reversed direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and DarkBit connection is positively strong, it means that when BTC is growing DB will grow as well. The negative strong relation will point that when BTC is growing DB price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over DarkBit. If we take all the aspects affecting the price of DB as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or politics.