Does MasterCar depend on Bitcoin? According to the correlation analysis, BTC and MCAR have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price movements of both currencies.
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 shows that the prices of the coins are moving in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and MasterCar connection is positively strong, it means that when BTC is rising MCAR will grow as well. The negative strong relation will point that when BTC is growing MCAR price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MasterCar. If we take all the circumstances affecting the price of MCAR 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 aspects, such as news, events or regulations.