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Maecenas (ART)

Correlation

0.77

Influence

59.29%

Bitcoin and Maecenas Correlation

Does Maecenas depend on Bitcoin? According to the correlation analysis, BTC and ART have a very strong positive relationship. The correlation coefficient of their prices is 0.77, which was estimated based on the previous 100-days' price dynamics of both assets.

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 shows that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient means that the prices are going in the same trend. For example, if Bitcoin and Maecenas connection is positively strong, it means that when BTC is rising ART will rise as well. The negative strong relation will indicate that when BTC is rising ART price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Maecenas. If we take all the aspects affecting the price of ART as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as news, events or crypto related laws.