Does MemoryCoin depend on Bitcoin? Based on the correlation analysis, BTC and MMC 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 fluctuations of both coins.
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 indicates that the prices of the coins are going in the reversed direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and MemoryCoin connection is positively strong, it means that when BTC is rising MMC will rise as well. The negative strong relation will point that when BTC is rising MMC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MemoryCoin. If we take all the aspects affecting the price of MMC 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 aspects, such as media, events or politics.