Does Mothership depend on Bitcoin? According to the correlation analysis, BTC and MSP have a strong positive relationship. The correlation coefficient of their values is 0.68, which was computed based on the last 100-days' price dynamics of both coins.
This coefficient may change 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 moving in the contrary direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and Mothership connection is positively strong, it means that when BTC is growing MSP will rise as well. The negative strong relation will point that when BTC is growing MSP price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Mothership. If we take all the things affecting the price of MSP as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, technological releases or crypto related laws.