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MinCoin (MNC)

Correlation

0.62

Influence

38.44%

Bitcoin and MinCoin Correlation

Does MinCoin depend on Bitcoin? According to the correlation analysis, BTC and MNC have a strong positive relationship. The correlation coefficient of their prices is 0.62, which was calculated based on the last 100-days' price dynamics of both assets.

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 currencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and MinCoin connection is positively strong, it means that when BTC is rising MNC will grow as well. The negative strong relation will show that when BTC is rising MNC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over MinCoin. If we take all the circumstances affecting the price of MNC as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other things, such as media, events or regulations.