Bitcoin and DATx Correlation

Does DATx depend on Bitcoin? According to the correlation analysis, BTC and DATX have a strong positive relationship. The correlation coefficient of their values is 0.65, which was measured 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 indicates that the prices of the coins are moving in the opposite trend while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and DATx connection is positively strong, it means that when BTC is rising DATX will rise as well. The negative strong relation will point that when BTC is rising DATX value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over DATx. If we take all the circumstances affecting the price of DATX as 100%, then the share of BTC price among these factors will be 42.25%. The other part which is 57.75% covers all the other things, such as news, technological releases or regulations.