Does Blockchain Certified Data Token depend on Bitcoin? Based on the correlation analysis, BTC and BCDT have no relationship. The correlation coefficient of their values is 0.00, which was measured based on the last 100-days' price dynamics of both assets.
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 indicates that the prices of the coins are moving in the contrary trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Blockchain Certified Data Token connection is positively strong, it means that when BTC is growing BCDT will rise as well. The negative strong relation will point that when BTC is rising BCDT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Blockchain Certified Data Token. If we take all the things affecting the price of BCDT 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 circumstances, such as media, events or crypto related laws.