Does MARK.SPACE depend on Bitcoin? According to the correlation analysis, BTC and MRK have a weak positive relationship. The correlation coefficient of their values is 0.23, which was measured 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 tells that the prices of the coins are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and MARK.SPACE connection is positively strong, it means that when BTC is growing MRK will rise as well. The negative strong relation will tell that when BTC is growing MRK value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MARK.SPACE. If we take all the factors affecting the price of MRK as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as media, events or regulations.