Does MOAC depend on Bitcoin? Based on the correlation analysis, BTC and MOAC have a very strong positive relationship. The correlation coefficient of their prices is 0.77, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 indicates that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For example, if Bitcoin and MOAC connection is positively strong, it means that when BTC is rising MOAC will rise as well. The negative strong relation will indicate that when BTC is growing MOAC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MOAC. If we take all the factors affecting the price of MOAC as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as media, technological releases or regulations.