Does Embers depend on Bitcoin? According to the correlation analysis, BTC and MBRS have a very strong positive relationship. The correlation coefficient of their values is 0.90, which was estimated based on the last 100-days' price movements of both coins.
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 points that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Embers connection is positively strong, it means that when BTC is rising MBRS will rise as well. The negative strong relation will indicate that when BTC is growing MBRS price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Embers. If we take all the things affecting the price of MBRS as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other aspects, such as media, events or politics.