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Metal (MTL)

Correlation

0.03

Influence

0.09%

Bitcoin and Metal Correlation

Does Metal depend on Bitcoin? According to the correlation analysis, BTC and MTL have no or negligible relationship. The correlation coefficient of their prices is 0.03, which was estimated based on the previous 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 shows that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Metal connection is positively strong, it means that when BTC is growing MTL will rise as well. The negative strong relation will show that when BTC is rising MTL price will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Metal. If we take all the things affecting the price of MTL as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other things, such as media, technological releases or politics.