Does DIMCOIN depend on Bitcoin? According to the correlation analysis, BTC and DIM have a very strong positive relationship. The correlation coefficient of their prices is 0.76, which was estimated based on the last 100-days' price fluctuations of both assets.
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 means that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and DIMCOIN connection is positively strong, it means that when BTC is rising DIM will grow as well. The negative strong relation will indicate that when BTC is rising DIM price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DIMCOIN. If we take all the aspects affecting the price of DIM as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other factors, such as news, technological releases or politics.