Does MetaHash depend on Bitcoin? Based on the correlation analysis, BTC and MHC have a strong negative relationship. The correlation coefficient of their values is -0.48, which was estimated based on the previous 100-days' price fluctuations of both coins.
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 cryptocurrencies are going in the reversed direction while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and MetaHash connection is positively strong, it means that when BTC is rising MHC will rise as well. The negative strong relation will point that when BTC is rising MHC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over MetaHash. If we take all the aspects affecting the price of MHC as 100%, then the share of BTC price among these factors will be 23.04%. The other part which is 76.96% covers all the other circumstances, such as news, technological releases or regulations.