Does Mercury depend on Bitcoin? According to the correlation analysis, BTC and MER have no or negligible relationship. The correlation coefficient of their values is 0.15, which was estimated based on the previous 100-days' price movements of both coins.
This coefficient may vary 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 cryptocurrencies are going in the opposite direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Mercury connection is positively strong, it means that when BTC is growing MER will grow as well. The negative strong relation will point that when BTC is rising MER value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Mercury. If we take all the circumstances affecting the price of MER as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other aspects, such as media, events or politics.