Does Bitcloud 2.0 depend on Bitcoin? Based on the correlation analysis, BTC and BTDX have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was computed based on the previous 100-days' price dynamics of both coins.
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 assets are going in the contrary direction while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and Bitcloud 2.0 connection is positively strong, it means that when BTC is growing BTDX will rise as well. The negative strong relation will show that when BTC is growing BTDX price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Bitcloud 2.0. If we take all the things affecting the price of BTDX as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other things, such as media, events or regulations.