Does MoneyRebel depend on Bitcoin? Based on the correlation analysis, BTC and MRP* have no or negligible relationship. The correlation coefficient of their prices is -0.17, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the currencies are moving in the contrary trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and MoneyRebel connection is positively strong, it means that when BTC is growing MRP* will rise as well. The negative strong relation will indicate that when BTC is growing MRP* value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MoneyRebel. If we take all the circumstances affecting the price of MRP* as 100%, then the share of BTC price among these factors will be 2.89%. The other part which is 97.11% covers all the other factors, such as news, technological releases or regulations.