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Cloud (CLD)

Correlation

0.73

Influence

53.29%

Bitcoin and Cloud Correlation

Does Cloud depend on Bitcoin? Based on the correlation analysis, BTC and CLD have a very strong positive relationship. The correlation coefficient of their prices is 0.73, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 currencies are going in the reversed trend while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and Cloud connection is positively strong, it means that when BTC is rising CLD will grow as well. The negative strong relation will indicate that when BTC is growing CLD price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Cloud. If we take all the things affecting the price of CLD as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other circumstances, such as news, events or regulations.