⟷  

Digital Bullion Gold (DBG)

Correlation

0.91

Influence

82.81%

Bitcoin and Digital Bullion Gold Correlation

Does Digital Bullion Gold depend on Bitcoin? Based on the correlation analysis, BTC and DBG 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 fluctuations 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 tells that the prices of the assets are going in the reversed trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Digital Bullion Gold connection is positively strong, it means that when BTC is growing DBG will rise as well. The negative strong relation will indicate that when BTC is growing DBG price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Digital Bullion Gold. If we take all the aspects affecting the price of DBG 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 things, such as news, technological releases or politics.