Does Blox depend on Bitcoin? According to the correlation analysis, BTC and CDT have a strong positive relationship. The correlation coefficient of their prices is 0.62, which was computed based on the previous 100-days' price movements of both assets.
This coefficient may change 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 assets are going in the opposite trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and Blox connection is positively strong, it means that when BTC is growing CDT will grow as well. The negative strong relation will point that when BTC is rising CDT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Blox. If we take all the things affecting the price of CDT as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other things, such as news, technological releases or regulations.