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DelChain (DEL)

Correlation

-0.15

Influence

2.25%

Bitcoin and DelChain Correlation

Does DelChain depend on Bitcoin? According to the correlation analysis, BTC and DEL have no or negligible relationship. The correlation coefficient of their values is -0.15, which was estimated based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 cryptocurrencies are going in the reversed trend while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and DelChain connection is positively strong, it means that when BTC is rising DEL will grow as well. The negative strong relation will show that when BTC is growing DEL value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over DelChain. If we take all the things affecting the price of DEL as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other things, such as news, events or crypto related laws.