Does Dether depend on Bitcoin? According to the correlation analysis, BTC and DTH have a strong positive relationship. The correlation coefficient of their prices is 0.48, which was computed based on the last 100-days' price dynamics of both assets.
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 assets are moving in the contrary trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Dether connection is positively strong, it means that when BTC is growing DTH will grow as well. The negative strong relation will indicate that when BTC is rising DTH value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Dether. If we take all the factors affecting the price of DTH as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other factors, such as news, technological releases or crypto related laws.