Does BMChain depend on Bitcoin? Based on the correlation analysis, BTC and BMT have no relationship. The correlation coefficient of their values is 0.00, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.
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 coins are moving in the reversed trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and BMChain connection is positively strong, it means that when BTC is growing BMT will rise as well. The negative strong relation will show that when BTC is growing BMT value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BMChain. If we take all the circumstances affecting the price of BMT as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other things, such as news, technological releases or regulations.