Does MetaMorph depend on Bitcoin? According to the correlation analysis, BTC and METM have a strong positive relationship. The correlation coefficient of their values is 0.52, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the coins are going in the reversed trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and MetaMorph connection is positively strong, it means that when BTC is growing METM will grow as well. The negative strong relation will show that when BTC is rising METM price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MetaMorph. If we take all the things affecting the price of METM as 100%, then the share of BTC price among these factors will be 27.04%. The other part which is 72.96% covers all the other circumstances, such as news, events or politics.