Does MarxCoin depend on Bitcoin? Based on the correlation analysis, BTC and MARX have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements of both currencies.
This coefficient may adjust 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 moving in the opposite direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and MarxCoin connection is positively strong, it means that when BTC is rising MARX will grow as well. The negative strong relation will indicate that when BTC is rising MARX price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MarxCoin. If we take all the things affecting the price of MARX 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, technological releases or crypto related laws.