Does Miner One token depend on Bitcoin? According to the correlation analysis, BTC and MIO have a strong positive relationship. The correlation coefficient of their values is 0.68, which was calculated based on the last 100-days' price fluctuations of both coins.
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 tells that the prices of the currencies are moving in the reversed direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Miner One token connection is positively strong, it means that when BTC is growing MIO will grow as well. The negative strong relation will point that when BTC is growing MIO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Miner One token. If we take all the factors affecting the price of MIO as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, events or regulations.