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Databits (DTB)

Correlation

0.40

Influence

16.00%

Bitcoin and Databits Correlation

Does Databits depend on Bitcoin? According to the correlation analysis, BTC and DTB have a strong positive relationship. The correlation coefficient of their values is 0.40, which was calculated based on the last 100-days' price movements of both coins.

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 points that the prices of the currencies are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Databits connection is positively strong, it means that when BTC is growing DTB will grow as well. The negative strong relation will point that when BTC is growing DTB value will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Databits. If we take all the aspects affecting the price of DTB as 100%, then the share of BTC price among these factors will be 16.00%. The other part which is 84.00% covers all the other factors, such as media, technological releases or politics.