Does Molecule depend on Bitcoin? Based on the correlation analysis, BTC and MOL have a weak positive relationship. The correlation coefficient of their values is 0.23, which was measured based on the previous 100-days' price fluctuations 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 tells that the prices of the coins are going in the reversed trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Molecule connection is positively strong, it means that when BTC is rising MOL will rise as well. The negative strong relation will show that when BTC is rising MOL value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Molecule. If we take all the things affecting the price of MOL as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other aspects, such as news, technological releases or politics.