Does Matrix AI Network depend on Bitcoin? Based on the correlation analysis, BTC and MAN* have a moderate negative relationship. The correlation coefficient of their values is -0.36, which was calculated based on the previous 100-days' price movements of both assets.
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 indicates that the prices of the currencies are going in the opposite trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Matrix AI Network connection is positively strong, it means that when BTC is growing MAN* will rise as well. The negative strong relation will tell that when BTC is rising MAN* price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Matrix AI Network. If we take all the factors affecting the price of MAN* as 100%, then the share of BTC price among these factors will be 12.96%. The other part which is 87.04% covers all the other factors, such as news, events or regulations.