Does DubaiCoin depend on Bitcoin? According to the correlation analysis, BTC and DBIX have no or negligible relationship. The correlation coefficient of their prices is 0.08, which was estimated based on the previous 100-days' price fluctuations of both currencies.
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 going in the reversed direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and DubaiCoin connection is positively strong, it means that when BTC is growing DBIX will rise as well. The negative strong relation will indicate that when BTC is growing DBIX price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over DubaiCoin. If we take all the factors affecting the price of DBIX as 100%, then the share of BTC price among these factors will be 0.64%. The other part which is 99.36% covers all the other circumstances, such as news, technological releases or politics.