Does Macroverse depend on Bitcoin? Based on the correlation analysis, BTC and MRV have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the previous 100-days' price dynamics 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 means that the prices of the assets are going in the contrary trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Macroverse connection is positively strong, it means that when BTC is rising MRV will grow as well. The negative strong relation will point that when BTC is growing MRV price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Macroverse. If we take all the circumstances affecting the price of MRV 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 aspects, such as media, technological releases or regulations.