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MollyCoin (TAB)

Correlation

0.91

Influence

82.81%

Bitcoin and MollyCoin Correlation

Does MollyCoin depend on Bitcoin? According to the correlation analysis, BTC and TAB have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price dynamics of both coins.

This coefficient may vary 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 contrary direction while the positive coefficient means that the prices are going in the identical direction. For instance, if Bitcoin and MollyCoin connection is positively strong, it means that when BTC is growing TAB will rise as well. The negative strong relation will tell that when BTC is growing TAB value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MollyCoin. If we take all the factors affecting the price of TAB 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 things, such as media, technological releases or crypto related laws.