Does eosDAC depend on Bitcoin? Based on the correlation analysis, BTC and EOSDAC have a very strong positive relationship. The correlation coefficient of their prices is 0.74, which was calculated based on the previous 100-days' price dynamics of both assets.
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 shows that the prices of the currencies are going in the contrary trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and eosDAC connection is positively strong, it means that when BTC is rising EOSDAC will rise as well. The negative strong relation will point that when BTC is growing EOSDAC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over eosDAC. If we take all the factors affecting the price of EOSDAC as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other aspects, such as media, technological releases or politics.