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Mbitbooks (MBIT)

Correlation

-0.21

Influence

4.41%

Bitcoin and Mbitbooks Correlation

Does Mbitbooks depend on Bitcoin? Based on the correlation analysis, BTC and MBIT have a weak negative relationship. The correlation coefficient of their prices is -0.21, which was estimated based on the previous 100-days' price dynamics 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 means that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Mbitbooks connection is positively strong, it means that when BTC is rising MBIT will grow as well. The negative strong relation will show that when BTC is rising MBIT value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Mbitbooks. If we take all the things affecting the price of MBIT as 100%, then the share of BTC price among these factors will be 4.41%. The other part which is 95.59% covers all the other things, such as media, technological releases or crypto related laws.