Does Davinci Coin depend on Bitcoin? According to the correlation analysis, BTC and DAC have a moderate negative relationship. The correlation coefficient of their prices is -0.31, which was measured based on the previous 100-days' price fluctuations of both coins.
This coefficient may vary 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 means that the prices of the coins are going in the reversed direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and Davinci Coin connection is positively strong, it means that when BTC is growing DAC will grow as well. The negative strong relation will point that when BTC is rising DAC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Davinci Coin. If we take all the factors affecting the price of DAC as 100%, then the share of BTC price among these factors will be 9.61%. The other part which is 90.39% covers all the other circumstances, such as news, technological releases or crypto related laws.