Does MarsCoin depend on Bitcoin? According to the correlation analysis, BTC and MARS have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and MarsCoin connection is positively strong, it means that when BTC is growing MARS will rise as well. The negative strong relation will show that when BTC is growing MARS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over MarsCoin . If we take all the circumstances affecting the price of MARS 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 circumstances, such as media, technological releases or crypto related laws.