Does MobileGo depend on Bitcoin? Based on the correlation analysis, BTC and MGO have a strong positive relationship. The correlation coefficient of their values is 0.66, which was estimated based on the last 100-days' price movements of both cryptocurrencies.
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 cryptocurrencies are moving in the opposite trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and MobileGo connection is positively strong, it means that when BTC is rising MGO will rise as well. The negative strong relation will show that when BTC is growing MGO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MobileGo. If we take all the things affecting the price of MGO as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other circumstances, such as media, events or politics.