Does Decentraland depend on Bitcoin? According to the correlation analysis, BTC and MANA have a very strong positive relationship. The correlation coefficient of their prices is 0.74, which was computed based on the last 100-days' price dynamics 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 means that the prices of the assets are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and Decentraland connection is positively strong, it means that when BTC is growing MANA will grow as well. The negative strong relation will show that when BTC is rising MANA value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Decentraland. If we take all the factors affecting the price of MANA as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other circumstances, such as news, events or politics.