Does Muse depend on Bitcoin? Based on the correlation analysis, BTC and MUSE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price movements of both currencies.
This coefficient may adjust 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 currencies are moving in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Muse connection is positively strong, it means that when BTC is rising MUSE will grow as well. The negative strong relation will indicate that when BTC is rising MUSE price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Muse. If we take all the factors affecting the price of MUSE as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as media, events or politics.