Does MinexCoin depend on Bitcoin? Based on the correlation analysis, BTC and MNX have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 means that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and MinexCoin connection is positively strong, it means that when BTC is growing MNX will rise as well. The negative strong relation will point that when BTC is rising MNX price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MinexCoin. If we take all the aspects affecting the price of MNX as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other aspects, such as news, technological releases or politics.