Does Monaco depend on Bitcoin? According to the correlation analysis, BTC and MCO have a moderate positive relationship. The correlation coefficient of their values is 0.34, which was calculated based on the previous 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 tells that the prices of the currencies are going in the contrary direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Monaco connection is positively strong, it means that when BTC is rising MCO will grow as well. The negative strong relation will show that when BTC is rising MCO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Monaco. If we take all the things affecting the price of MCO as 100%, then the share of BTC price among these factors will be 11.56%. The other part which is 88.44% covers all the other circumstances, such as news, technological releases or regulations.