Does Multibot depend on Bitcoin? According to the correlation analysis, BTC and MBT have a very strong positive relationship. The correlation coefficient of their values is 0.72, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 currencies are going in the reversed trend while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and Multibot connection is positively strong, it means that when BTC is growing MBT will rise as well. The negative strong relation will tell that when BTC is growing MBT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Multibot. If we take all the circumstances affecting the price of MBT as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other things, such as media, technological releases or regulations.