Does MasterMint depend on Bitcoin? Based on the correlation analysis, BTC and MM have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price fluctuations 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 moving in the reversed trend while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and MasterMint connection is positively strong, it means that when BTC is growing MM will rise as well. The negative strong relation will point that when BTC is rising MM price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MasterMint. If we take all the things affecting the price of MM 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.