Does MaryJane Coin depend on Bitcoin? According to the correlation analysis, BTC and MARYJ have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price fluctuations 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 shows that the prices of the assets are going in the reversed direction while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and MaryJane Coin connection is positively strong, it means that when BTC is rising MARYJ will grow as well. The negative strong relation will point that when BTC is growing MARYJ price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MaryJane Coin. If we take all the aspects affecting the price of MARYJ 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, events or regulations.