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MoneyToken (IMT)

Correlation

0.19

Influence

3.61%

Bitcoin and MoneyToken Correlation

Does MoneyToken depend on Bitcoin? Based on the correlation analysis, BTC and IMT have no or negligible relationship. The correlation coefficient of their values is 0.19, which was computed based on the previous 100-days' price movements of both coins.

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 points that the prices of the assets are going in the opposite direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and MoneyToken connection is positively strong, it means that when BTC is growing IMT will rise as well. The negative strong relation will indicate that when BTC is growing IMT value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MoneyToken. If we take all the factors affecting the price of IMT as 100%, then the share of BTC price among these factors will be 3.61%. The other part which is 96.39% covers all the other factors, such as news, technological releases or crypto related laws.