Does ToTheMoon depend on Bitcoin? Based on the correlation analysis, BTC and TMT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was calculated based on the last 100-days' price dynamics of both coins.
This coefficient may adjust 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 shows that the prices of the currencies are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and ToTheMoon connection is positively strong, it means that when BTC is rising TMT will rise as well. The negative strong relation will point that when BTC is rising TMT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ToTheMoon. If we take all the aspects affecting the price of TMT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, events or regulations.