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Memessenger (MET)

Correlation

0.61

Influence

37.21%

Bitcoin and Memessenger Correlation

Does Memessenger depend on Bitcoin? Based on the correlation analysis, BTC and MET have a strong positive relationship. The correlation coefficient of their values is 0.61, which was measured based on the previous 100-days' price fluctuations of both currencies.

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 indicates that the prices of the coins are going in the reversed direction while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and Memessenger connection is positively strong, it means that when BTC is rising MET will grow as well. The negative strong relation will tell that when BTC is growing MET value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Memessenger. If we take all the factors affecting the price of MET as 100%, then the share of BTC price among these factors will be 37.21%. The other part which is 62.79% covers all the other aspects, such as news, technological releases or regulations.