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Tidex Token (TDX)

Correlation

-0.39

Influence

15.21%

Bitcoin and Tidex Token Correlation

Does Tidex Token depend on Bitcoin? According to the correlation analysis, BTC and TDX have a moderate negative relationship. The correlation coefficient of their values is -0.39, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.

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 indicates that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Tidex Token connection is positively strong, it means that when BTC is rising TDX will grow as well. The negative strong relation will show that when BTC is growing TDX price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Tidex Token. If we take all the things affecting the price of TDX as 100%, then the share of BTC price among these factors will be 15.21%. The other part which is 84.79% covers all the other things, such as news, events or regulations.