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Digitex Futures (DGTX)

Correlation

0.28

Influence

7.84%

Bitcoin and Digitex Futures Correlation

Does Digitex Futures depend on Bitcoin? Based on the correlation analysis, BTC and DGTX have a weak positive relationship. The correlation coefficient of their prices is 0.28, which was measured based on the last 100-days' price movements of both coins.

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 means that the prices of the coins are moving in the opposite direction while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and Digitex Futures connection is positively strong, it means that when BTC is growing DGTX will rise as well. The negative strong relation will tell that when BTC is rising DGTX value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Digitex Futures. If we take all the aspects affecting the price of DGTX as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other aspects, such as media, events or crypto related laws.