Does Minex depend on Bitcoin? According to the correlation analysis, BTC and MINEX have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price movements of both assets.
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 going in the opposite trend while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and Minex connection is positively strong, it means that when BTC is rising MINEX will grow as well. The negative strong relation will point that when BTC is growing MINEX value will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Minex. If we take all the things affecting the price of MINEX as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or crypto related laws.