Does Digix Gold token depend on Bitcoin? According to the correlation analysis, BTC and DGX have a strong positive relationship. The correlation coefficient of their values is 0.49, which was measured based on the last 100-days' price dynamics of both cryptocurrencies.
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 points that the prices of the coins are moving in the contrary trend while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and Digix Gold token connection is positively strong, it means that when BTC is rising DGX will grow as well. The negative strong relation will show that when BTC is growing DGX value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Digix Gold token. If we take all the factors affecting the price of DGX as 100%, then the share of BTC price among these factors will be 24.01%. The other part which is 75.99% covers all the other aspects, such as media, technological releases or regulations.