Does MIScoin depend on Bitcoin? According to the correlation analysis, BTC and MIS have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations of both currencies.
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 points 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 MIScoin connection is positively strong, it means that when BTC is rising MIS will rise as well. The negative strong relation will point that when BTC is growing MIS value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MIScoin. If we take all the factors affecting the price of MIS 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 circumstances, such as news, events or crypto related laws.