Does Medicalchain depend on Bitcoin? According to the correlation analysis, BTC and MTN* have a strong positive relationship. The correlation coefficient of their values is 0.47, which was measured based on the last 100-days' price fluctuations of both currencies.
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 points that the prices of the coins are moving in the reversed direction while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and Medicalchain connection is positively strong, it means that when BTC is growing MTN* will rise as well. The negative strong relation will indicate that when BTC is growing MTN* value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Medicalchain. If we take all the things affecting the price of MTN* as 100%, then the share of BTC price among these factors will be 22.09%. The other part which is 77.91% covers all the other aspects, such as media, events or regulations.