Does Decentralized Accessible Content Chain depend on Bitcoin? Based on the correlation analysis, BTC and DACC have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was calculated based on the last 100-days' price movements of both assets.
This coefficient may adjust 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 currencies are moving in the opposite trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and Decentralized Accessible Content Chain connection is positively strong, it means that when BTC is growing DACC will grow as well. The negative strong relation will tell that when BTC is growing DACC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Decentralized Accessible Content Chain . If we take all the things affecting the price of DACC as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other aspects, such as news, events or regulations.