Does Mobius depend on Bitcoin? According to the correlation analysis, BTC and MOBI have a very strong positive relationship. The correlation coefficient of their prices is 0.75, which was computed based on the previous 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 shows that the prices of the assets are going in the opposite direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Mobius connection is positively strong, it means that when BTC is growing MOBI will grow as well. The negative strong relation will point that when BTC is growing MOBI value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Mobius. If we take all the circumstances affecting the price of MOBI as 100%, then the share of BTC price among these factors will be 56.25%. The other part which is 43.75% covers all the other things, such as news, technological releases or politics.