Does MediBloc depend on Bitcoin? According to the correlation analysis, BTC and MED* have no or negligible relationship. The correlation coefficient of their values is -0.07, which was estimated based on the last 100-days' price dynamics of both coins.
This coefficient may vary 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 cryptocurrencies are moving in the contrary direction while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and MediBloc connection is positively strong, it means that when BTC is rising MED* will grow as well. The negative strong relation will point that when BTC is rising MED* price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MediBloc. If we take all the aspects affecting the price of MED* as 100%, then the share of BTC price among these factors will be 0.49%. The other part which is 99.51% covers all the other circumstances, such as media, events or politics.