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Musiconomi (MCI)

Correlation

0.88

Influence

77.44%

Bitcoin and Musiconomi Correlation

Does Musiconomi depend on Bitcoin? Based on the correlation analysis, BTC and MCI have a very strong positive relationship. The correlation coefficient of their values is 0.88, which was computed based on the last 100-days' price dynamics of both assets.

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 tells that the prices of the assets are moving in the contrary trend while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and Musiconomi connection is positively strong, it means that when BTC is rising MCI will rise as well. The negative strong relation will point that when BTC is rising MCI price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Musiconomi. If we take all the circumstances affecting the price of MCI as 100%, then the share of BTC price among these factors will be 77.44%. The other part which is 22.56% covers all the other things, such as media, technological releases or politics.