Does Mindexcoin depend on Bitcoin? Based on the correlation analysis, BTC and MIC have a very strong positive relationship. The correlation coefficient of their values is 0.86, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 tells that the prices of the assets are going in the reversed trend while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Mindexcoin connection is positively strong, it means that when BTC is rising MIC will grow as well. The negative strong relation will tell that when BTC is rising MIC price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Mindexcoin. If we take all the things affecting the price of MIC as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other circumstances, such as news, events or crypto related laws.