Does MovieBloc depend on Bitcoin? Based on the correlation analysis, BTC and MBL have a very strong positive relationship. The correlation coefficient of their values is 0.74, which was measured based on the previous 100-days' price dynamics 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 indicates that the prices of the coins are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and MovieBloc connection is positively strong, it means that when BTC is rising MBL will grow as well. The negative strong relation will point that when BTC is growing MBL price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over MovieBloc. If we take all the factors affecting the price of MBL as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other factors, such as news, events or crypto related laws.