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MedicCoin (MEDIC)

Correlation

0.20

Influence

4.00%

Bitcoin and MedicCoin Correlation

Does MedicCoin depend on Bitcoin? Based on the correlation analysis, BTC and MEDIC have a weak positive relationship. The correlation coefficient of their values is 0.20, which was calculated based on the previous 100-days' price movements of both assets.

This coefficient may range 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 currencies are going in the opposite trend while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and MedicCoin connection is positively strong, it means that when BTC is growing MEDIC will grow as well. The negative strong relation will show that when BTC is rising MEDIC value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MedicCoin. If we take all the factors affecting the price of MEDIC as 100%, then the share of BTC price among these factors will be 4.00%. The other part which is 96.00% covers all the other factors, such as news, technological releases or politics.