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Mercury Protocol (GMT)

Correlation

0.68

Influence

46.24%

Bitcoin and Mercury Protocol Correlation

Does Mercury Protocol depend on Bitcoin? According to the correlation analysis, BTC and GMT have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price movements of both coins.

This coefficient may change 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 assets are moving in the opposite direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Mercury Protocol connection is positively strong, it means that when BTC is rising GMT will rise as well. The negative strong relation will indicate that when BTC is growing GMT price will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Mercury Protocol. If we take all the aspects affecting the price of GMT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as news, events or regulations.