Does ModulTrade depend on Bitcoin? Based on the correlation analysis, BTC and MTRC have a strong positive relationship. The correlation coefficient of their values is 0.68, which was calculated based on the previous 100-days' price movements of both coins.
This coefficient may adjust 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 currencies are going in the opposite direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and ModulTrade connection is positively strong, it means that when BTC is growing MTRC will grow as well. The negative strong relation will show that when BTC is rising MTRC price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over ModulTrade. If we take all the aspects affecting the price of MTRC as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, events or politics.