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MustangCoin (MST)

Correlation

0.91

Influence

82.81%

Bitcoin and MustangCoin Correlation

Does MustangCoin depend on Bitcoin? Based on the correlation analysis, BTC and MST have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed 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 indicates that the prices of the assets are moving in the opposite direction while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and MustangCoin connection is positively strong, it means that when BTC is rising MST will rise as well. The negative strong relation will tell that when BTC is rising MST value will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over MustangCoin. If we take all the things affecting the price of MST 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 aspects, such as news, events or regulations.