Does BitMax Token depend on Bitcoin? Based on the correlation analysis, BTC and BTMX have a strong positive relationship. The correlation coefficient of their prices is 0.44, which was estimated based on the last 100-days' price fluctuations of both assets.
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 means that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and BitMax Token connection is positively strong, it means that when BTC is growing BTMX will rise as well. The negative strong relation will indicate that when BTC is rising BTMX value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BitMax Token. If we take all the circumstances affecting the price of BTMX as 100%, then the share of BTC price among these factors will be 19.36%. The other part which is 80.64% covers all the other aspects, such as news, events or regulations.