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Monster Byte Inc (MBI)

Correlation

0.89

Influence

79.21%

Bitcoin and Monster Byte Inc Correlation

Does Monster Byte Inc depend on Bitcoin? According to the correlation analysis, BTC and MBI have a very strong positive relationship. The correlation coefficient of their prices is 0.89, which was computed 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 shows that the prices of the assets are moving in the contrary direction while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and Monster Byte Inc connection is positively strong, it means that when BTC is growing MBI will rise as well. The negative strong relation will show that when BTC is rising MBI value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Monster Byte Inc. If we take all the factors affecting the price of MBI as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other things, such as news, technological releases or crypto related laws.