Does Milllionaire Coin depend on Bitcoin? Based on the correlation analysis, BTC and MIL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements of both currencies.
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 assets are going in the opposite direction while the positive coefficient means that the prices are moving in the same direction. For instance, if Bitcoin and Milllionaire Coin connection is positively strong, it means that when BTC is growing MIL will rise as well. The negative strong relation will show that when BTC is rising MIL value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Milllionaire Coin. If we take all the circumstances affecting the price of MIL 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 circumstances, such as media, events or crypto related laws.