Does Mithril depend on Bitcoin? Based on the correlation analysis, BTC and MITH have a very strong positive relationship. The correlation coefficient of their values is 0.74, which was measured based on the previous 100-days' price movements of both assets.
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 points that the prices of the coins are going in the opposite trend while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and Mithril connection is positively strong, it means that when BTC is rising MITH will rise as well. The negative strong relation will tell that when BTC is rising MITH value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Mithril. If we take all the circumstances affecting the price of MITH as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other circumstances, such as news, events or regulations.