Does Dentacoin depend on Bitcoin? According to the correlation analysis, BTC and DCN have no or negligible relationship. The correlation coefficient of their values is 0.06, which was measured based on the previous 100-days' price movements of both assets.
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 tells that the prices of the coins are going in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Dentacoin connection is positively strong, it means that when BTC is rising DCN will grow as well. The negative strong relation will show that when BTC is rising DCN value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Dentacoin. If we take all the circumstances affecting the price of DCN as 100%, then the share of BTC price among these factors will be 0.36%. The other part which is 99.64% covers all the other circumstances, such as media, technological releases or regulations.