Does DOCADEMIC depend on Bitcoin? Based on the correlation analysis, BTC and MTC have a strong positive relationship. The correlation coefficient of their values is 0.44, which was computed based on the previous 100-days' price movements 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 indicates that the prices of the assets are going in the opposite trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and DOCADEMIC connection is positively strong, it means that when BTC is rising MTC will grow as well. The negative strong relation will indicate that when BTC is rising MTC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over DOCADEMIC. If we take all the factors affecting the price of MTC as 100%, then the share of BTC price among these factors will be 19.36%. The other part which is 80.64% covers all the other factors, such as media, technological releases or regulations.