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Trident (TRDT)

Correlation

0.68

Influence

46.24%

Bitcoin and Trident Correlation

Does Trident depend on Bitcoin? According to the correlation analysis, BTC and TRDT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the last 100-days' price movements of both coins.

This coefficient may vary 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 opposite direction while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and Trident connection is positively strong, it means that when BTC is growing TRDT will rise as well. The negative strong relation will tell that when BTC is rising TRDT value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Trident. If we take all the factors affecting the price of TRDT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, events or politics.