Does BTCMoon depend on Bitcoin? Based on the correlation analysis, BTC and BTCM have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price fluctuations of both assets.
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 indicates that the prices of the assets are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and BTCMoon connection is positively strong, it means that when BTC is rising BTCM will grow as well. The negative strong relation will show that when BTC is rising BTCM value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over BTCMoon. If we take all the things affecting the price of BTCM as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or regulations.