Does Mineum depend on Bitcoin? Based on the correlation analysis, BTC and MNM have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the previous 100-days' price movements of both coins.
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 currencies are going in the opposite direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Mineum connection is positively strong, it means that when BTC is growing MNM will grow as well. The negative strong relation will tell that when BTC is rising MNM value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Mineum. If we take all the things affecting the price of MNM as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other factors, such as media, events or regulations.