Does MayaCoin depend on Bitcoin? Based on the correlation analysis, BTC and MYC 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 fluctuations 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 shows that the prices of the currencies are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and MayaCoin connection is positively strong, it means that when BTC is growing MYC will rise as well. The negative strong relation will indicate that when BTC is growing MYC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over MayaCoin. If we take all the things affecting the price of MYC 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 news, events or politics.