Does Hdac depend on Bitcoin? According to the correlation analysis, BTC and HDAC have a very strong negative relationship. The correlation coefficient of their values is -0.75, which was computed based on the previous 100-days' price movements of both currencies.
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 points that the prices of the assets are going in the opposite direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Hdac connection is positively strong, it means that when BTC is rising HDAC will rise as well. The negative strong relation will indicate that when BTC is growing HDAC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Hdac. If we take all the circumstances affecting the price of HDAC as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other things, such as media, technological releases or regulations.