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People (MAN)

Correlation

-0.22

Influence

4.84%

Bitcoin and People Correlation

Does People depend on Bitcoin? Based on the correlation analysis, BTC and MAN have a weak negative relationship. The correlation coefficient of their values is -0.22, which was estimated based on the last 100-days' price movements 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 points that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and People connection is positively strong, it means that when BTC is growing MAN will rise as well. The negative strong relation will tell that when BTC is rising MAN price will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over People. If we take all the factors affecting the price of MAN as 100%, then the share of BTC price among these factors will be 4.84%. The other part which is 95.16% covers all the other aspects, such as news, technological releases or crypto related laws.