Does DigitalCash depend on Bitcoin? Based on the correlation analysis, BTC and DASH have a very strong positive relationship. The correlation coefficient of their values is 0.84, which was measured based on the last 100-days' price fluctuations of both assets.
This coefficient may range 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 points that the prices of the coins are moving in the reversed trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and DigitalCash connection is positively strong, it means that when BTC is rising DASH will rise as well. The negative strong relation will indicate that when BTC is growing DASH value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DigitalCash. If we take all the things affecting the price of DASH as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other aspects, such as news, events or crypto related laws.