Does MaxCoin depend on Bitcoin? Based on the correlation analysis, BTC and MAX have no relationship. The correlation coefficient of their prices is 0.00, which was measured based on the previous 100-days' price movements of both assets.
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 means that the prices of the coins are going in the opposite trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and MaxCoin connection is positively strong, it means that when BTC is growing MAX will grow as well. The negative strong relation will indicate that when BTC is rising MAX value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MaxCoin. If we take all the things affecting the price of MAX as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other factors, such as news, events or crypto related laws.