Does Dark Moon depend on Bitcoin? Based on the correlation analysis, BTC and MOOND have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price dynamics 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 shows that the prices of the coins are going in the contrary trend while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and Dark Moon connection is positively strong, it means that when BTC is growing MOOND will rise as well. The negative strong relation will tell that when BTC is rising MOOND price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Dark Moon. If we take all the aspects affecting the price of MOOND 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 things, such as news, events or politics.