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Modum (MOD)

Correlation

0.91

Influence

82.81%

Bitcoin and Modum Correlation

Does Modum depend on Bitcoin? Based on the correlation analysis, BTC and MOD have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price fluctuations 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 indicates that the prices of the currencies are going in the reversed trend while the positive coefficient indicates that the prices are going in the identical direction. For instance, if Bitcoin and Modum connection is positively strong, it means that when BTC is growing MOD will grow as well. The negative strong relation will tell that when BTC is growing MOD value will be in contrary lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Modum. If we take all the aspects affecting the price of MOD as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other circumstances, such as media, events or regulations.