Does MarsCoin depend on Bitcoin? According to the correlation analysis, BTC and MRS have a strong positive relationship. The correlation coefficient of their prices is 0.48, which was calculated based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may vary 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 currencies are going in the opposite trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and MarsCoin connection is positively strong, it means that when BTC is growing MRS will grow as well. The negative strong relation will show that when BTC is rising MRS price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MarsCoin. If we take all the aspects affecting the price of MRS as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other circumstances, such as media, technological releases or politics.