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Cryptsy Mining Contract (MN)

Correlation

0.91

Influence

82.81%

Bitcoin and Cryptsy Mining Contract Correlation

Does Cryptsy Mining Contract depend on Bitcoin? According to the correlation analysis, BTC and MN have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 shows that the prices of the currencies are going in the reversed trend while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and Cryptsy Mining Contract connection is positively strong, it means that when BTC is growing MN will rise as well. The negative strong relation will show that when BTC is rising MN price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Cryptsy Mining Contract. If we take all the aspects affecting the price of MN 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 media, technological releases or politics.