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SatoshiMadness (MAD)

Correlation

0.24

Influence

5.76%

Bitcoin and SatoshiMadness Correlation

Does SatoshiMadness depend on Bitcoin? Based on the correlation analysis, BTC and MAD have a weak positive relationship. The correlation coefficient of their prices is 0.24, which was estimated based on the previous 100-days' price dynamics of both currencies.

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 means that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and SatoshiMadness connection is positively strong, it means that when BTC is rising MAD will grow as well. The negative strong relation will point that when BTC is rising MAD price will be in contrary lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over SatoshiMadness. If we take all the things affecting the price of MAD as 100%, then the share of BTC price among these factors will be 5.76%. The other part which is 94.24% covers all the other aspects, such as news, technological releases or crypto related laws.