Does MazaCoin depend on Bitcoin? Based on the correlation analysis, BTC and MZC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price dynamics of both cryptocurrencies.
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 points that the prices of the coins are going in the contrary trend while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and MazaCoin connection is positively strong, it means that when BTC is growing MZC will grow as well. The negative strong relation will indicate that when BTC is rising MZC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over MazaCoin. If we take all the factors affecting the price of MZC 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, technological releases or politics.