Does CoinMeet depend on Bitcoin? According to the correlation analysis, BTC and MEET have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price dynamics of both coins.
This coefficient may change 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 coins are moving in the contrary direction while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and CoinMeet connection is positively strong, it means that when BTC is growing MEET will rise as well. The negative strong relation will show that when BTC is growing MEET price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over CoinMeet. If we take all the circumstances affecting the price of MEET 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 factors, such as news, events or regulations.