Bitcoin and MSD Correlation

Does MSD depend on Bitcoin? Based on the correlation analysis, BTC and MSD have a weak negative relationship. The correlation coefficient of their prices is -0.26, which was calculated based on the last 100-days' price movements 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 means that the prices of the currencies are moving in the opposite direction while the positive coefficient means that the prices are going in the same direction. For example, if Bitcoin and MSD connection is positively strong, it means that when BTC is growing MSD will rise as well. The negative strong relation will show that when BTC is growing MSD value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MSD. If we take all the things affecting the price of MSD as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other factors, such as news, technological releases or regulations.