Does Mainframe depend on Bitcoin? According to the correlation analysis, BTC and MFT have a strong positive relationship. The correlation coefficient of their values is 0.57, which was measured based on the last 100-days' price fluctuations of both currencies.
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 points that the prices of the coins are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Mainframe connection is positively strong, it means that when BTC is rising MFT will grow as well. The negative strong relation will point that when BTC is growing MFT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Mainframe. If we take all the factors affecting the price of MFT as 100%, then the share of BTC price among these factors will be 32.49%. The other part which is 67.51% covers all the other aspects, such as media, events or crypto related laws.