Does Transcodium depend on Bitcoin? Based on the correlation analysis, BTC and TNS have a moderate negative relationship. The correlation coefficient of their prices is -0.30, which was computed based on the last 100-days' price fluctuations of both assets.
This coefficient may adjust 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 assets are moving in the reversed trend while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and Transcodium connection is positively strong, it means that when BTC is growing TNS will grow as well. The negative strong relation will indicate that when BTC is growing TNS price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Transcodium. If we take all the factors affecting the price of TNS as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other aspects, such as media, technological releases or crypto related laws.