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Dignity (DIG)

Correlation

0.72

Influence

51.84%

Bitcoin and Dignity Correlation

Does Dignity depend on Bitcoin? Based on the correlation analysis, BTC and DIG have a very strong positive relationship. The correlation coefficient of their values is 0.72, which was calculated 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 points that the prices of the currencies are going in the reversed trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and Dignity connection is positively strong, it means that when BTC is growing DIG will grow as well. The negative strong relation will indicate that when BTC is rising DIG value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Dignity. If we take all the aspects affecting the price of DIG as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other things, such as media, events or crypto related laws.