Dent (DENT)





Bitcoin and Dent Correlation

Does Dent depend on Bitcoin? According to the correlation analysis, BTC and DENT have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was calculated based on the previous 100-days' price dynamics of both currencies.

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 shows that the prices of the currencies are going in the contrary direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Dent connection is positively strong, it means that when BTC is rising DENT will rise as well. The negative strong relation will point that when BTC is rising DENT price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Dent. If we take all the aspects affecting the price of DENT as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other things, such as media, technological releases or crypto related laws.