Does TE-FOOD depend on Bitcoin? Based on the correlation analysis, BTC and TFD have a strong negative relationship. The correlation coefficient of their prices is -0.48, which was estimated based on the last 100-days' price dynamics of both coins.
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 shows that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and TE-FOOD connection is positively strong, it means that when BTC is growing TFD will grow as well. The negative strong relation will indicate that when BTC is growing TFD price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over TE-FOOD. If we take all the factors affecting the price of TFD as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other things, such as news, technological releases or crypto related laws.