Does TrackNetToken depend on Bitcoin? Based on the correlation analysis, BTC and MTN have a very strong positive relationship. The correlation coefficient of their values is 0.73, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 tells that the prices of the coins are going in the reversed trend while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and TrackNetToken connection is positively strong, it means that when BTC is rising MTN will rise as well. The negative strong relation will tell that when BTC is growing MTN value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over TrackNetToken. If we take all the circumstances affecting the price of MTN as 100%, then the share of BTC price among these factors will be 53.29%. The other part which is 46.71% covers all the other factors, such as news, technological releases or regulations.