Does MediumProject depend on Bitcoin? According to the correlation analysis, BTC and MPRO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics of both assets.
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 shows that the prices of the coins are going in the contrary trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and MediumProject connection is positively strong, it means that when BTC is rising MPRO will grow as well. The negative strong relation will tell that when BTC is growing MPRO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MediumProject. If we take all the factors affecting the price of MPRO as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or crypto related laws.