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DimeCoin (DIME)

Correlation

0.61

Influence

37.21%

Bitcoin and DimeCoin Correlation

Does DimeCoin depend on Bitcoin? Based on the correlation analysis, BTC and DIME have a strong positive relationship. The correlation coefficient of their values is 0.61, which was measured based on the previous 100-days' price movements of both currencies.

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 going in the opposite direction while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and DimeCoin connection is positively strong, it means that when BTC is rising DIME will rise as well. The negative strong relation will point that when BTC is growing DIME price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DimeCoin. If we take all the factors affecting the price of DIME as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other things, such as media, technological releases or politics.