Does Monkey Project depend on Bitcoin? Based on the correlation analysis, BTC and MONK have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price fluctuations of both coins.
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 tells that the prices of the assets are going in the reversed direction while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Monkey Project connection is positively strong, it means that when BTC is rising MONK will rise as well. The negative strong relation will show that when BTC is growing MONK value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Monkey Project. If we take all the factors affecting the price of MONK 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 factors, such as news, events or regulations.