Does TokenDesk depend on Bitcoin? Based on the correlation analysis, BTC and TDS have a weak positive relationship. The correlation coefficient of their prices is 0.28, which was computed based on the last 100-days' price dynamics of both cryptocurrencies.
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 means that the prices of the assets are moving in the contrary trend while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and TokenDesk connection is positively strong, it means that when BTC is growing TDS will grow as well. The negative strong relation will point that when BTC is growing TDS value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over TokenDesk. If we take all the aspects affecting the price of TDS as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other aspects, such as news, events or politics.