Does Decimated depend on Bitcoin? Based on the correlation analysis, BTC and DIO have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements of both cryptocurrencies.
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 points that the prices of the assets are going in the opposite trend while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Decimated connection is positively strong, it means that when BTC is growing DIO will rise as well. The negative strong relation will tell that when BTC is growing DIO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Decimated. If we take all the circumstances affecting the price of DIO 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 factors, such as media, events or crypto related laws.