Does Bitcloud depend on Bitcoin? According to the correlation analysis, BTC and BTD have no relationship. The correlation coefficient of their prices is -0.00, which was calculated based on the last 100-days' price movements 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 shows that the prices of the currencies are moving in the opposite trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Bitcloud connection is positively strong, it means that when BTC is rising BTD will grow as well. The negative strong relation will tell that when BTC is growing BTD price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Bitcloud. If we take all the things affecting the price of BTD as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as media, technological releases or crypto related laws.