Does Minerals Coin depend on Bitcoin? Based on the correlation analysis, BTC and MIN have no or negligible relationship. The correlation coefficient of their values is 0.15, which was computed based on the last 100-days' price dynamics 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 moving in the contrary trend while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and Minerals Coin connection is positively strong, it means that when BTC is growing MIN will grow as well. The negative strong relation will point that when BTC is growing MIN price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Minerals Coin. If we take all the factors affecting the price of MIN as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other aspects, such as news, events or politics.