Does Motion depend on Bitcoin? According to the correlation analysis, BTC and MTN** have a very strong positive relationship. The correlation coefficient of their values is 0.89, which was computed based on the last 100-days' price fluctuations 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 indicates that the prices of the assets are moving in the reversed direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and Motion connection is positively strong, it means that when BTC is growing MTN** will rise as well. The negative strong relation will tell that when BTC is rising MTN** price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Motion. If we take all the circumstances affecting the price of MTN** 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 aspects, such as media, events or politics.