Does Commodity Ad Network depend on Bitcoin? According to the correlation analysis, BTC and CDX have a strong positive relationship. The correlation coefficient of their prices is 0.40, which was measured based on the previous 100-days' price dynamics of both currencies.
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 means that the prices of the coins are going in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and Commodity Ad Network connection is positively strong, it means that when BTC is rising CDX will rise as well. The negative strong relation will indicate that when BTC is rising CDX price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Commodity Ad Network. If we take all the things affecting the price of CDX as 100%, then the share of BTC price among these factors will be 16.00%. The other part which is 84.00% covers all the other circumstances, such as news, events or regulations.