Does MMNXT depend on Bitcoin? Based on the correlation analysis, BTC and MMNXT 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 movements of both assets.
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 points that the prices of the currencies are moving in the opposite trend while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and MMNXT connection is positively strong, it means that when BTC is growing MMNXT will grow as well. The negative strong relation will tell that when BTC is rising MMNXT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over MMNXT . If we take all the aspects affecting the price of MMNXT 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 factors, such as news, events or politics.