Does TDFB depend on Bitcoin? According to the correlation analysis, BTC and TDFB have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations 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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and TDFB connection is positively strong, it means that when BTC is rising TDFB will grow as well. The negative strong relation will point that when BTC is growing TDFB value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over TDFB. If we take all the circumstances affecting the price of TDFB as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other things, such as media, events or regulations.