Bitcoin and MCAP Correlation

Does MCAP depend on Bitcoin? Based on the correlation analysis, BTC and MCAP have a strong positive relationship. The correlation coefficient of their values is 0.68, which was calculated based on the previous 100-days' price movements of both currencies.

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 going in the opposite direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and MCAP connection is positively strong, it means that when BTC is rising MCAP will rise as well. The negative strong relation will show that when BTC is growing MCAP price will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MCAP. If we take all the factors affecting the price of MCAP as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as news, events or crypto related laws.