Bitcoin and MMOCoin Correlation

Does MMOCoin depend on Bitcoin? Based on the correlation analysis, BTC and MMO have a strong positive relationship. The correlation coefficient of their values is 0.59, which was estimated based on the last 100-days' price fluctuations of both currencies.

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 cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are moving in the identical trend. For instance, if Bitcoin and MMOCoin connection is positively strong, it means that when BTC is rising MMO will grow as well. The negative strong relation will tell that when BTC is growing MMO value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MMOCoin. If we take all the circumstances affecting the price of MMO as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other circumstances, such as media, technological releases or regulations.