Does MindCoin depend on Bitcoin? Based on the correlation analysis, BTC and MND have a very strong positive relationship. The correlation coefficient of their values is 0.79, which was measured based on the last 100-days' price fluctuations of both assets.
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 tells that the prices of the coins are moving in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and MindCoin connection is positively strong, it means that when BTC is rising MND will grow as well. The negative strong relation will tell that when BTC is growing MND price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MindCoin. If we take all the aspects affecting the price of MND as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other factors, such as media, technological releases or crypto related laws.