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Mycelium Token (MT)

Correlation

0.84

Influence

70.56%

Bitcoin and Mycelium Token Correlation

Does Mycelium Token depend on Bitcoin? According to the correlation analysis, BTC and MT have a very strong positive relationship. The correlation coefficient of their values is 0.84, which was estimated based on the previous 100-days' price dynamics of both coins.

This coefficient may change 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 cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Mycelium Token connection is positively strong, it means that when BTC is rising MT will rise as well. The negative strong relation will tell that when BTC is growing MT price will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Mycelium Token. If we take all the circumstances affecting the price of MT as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other circumstances, such as news, events or regulations.