Does Market.space depend on Bitcoin? Based on the correlation analysis, BTC and MASP have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations of both coins.
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 tells that the prices of the currencies are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Market.space connection is positively strong, it means that when BTC is rising MASP will rise as well. The negative strong relation will show that when BTC is rising MASP price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Market.space. If we take all the things affecting the price of MASP as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as media, technological releases or crypto related laws.