Does Capdax depend on Bitcoin? According to the correlation analysis, BTC and XCD have a strong negative relationship. The correlation coefficient of their values is -0.56, which was calculated based on the last 100-days' price fluctuations 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 tells that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Capdax connection is positively strong, it means that when BTC is rising XCD will grow as well. The negative strong relation will point that when BTC is rising XCD value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Capdax. If we take all the factors affecting the price of XCD as 100%, then the share of BTC price among these factors will be 31.36%. The other part which is 68.64% covers all the other circumstances, such as media, technological releases or crypto related laws.