Does MonaCoin depend on Bitcoin? According to the correlation analysis, BTC and MONA have a strong positive relationship. The correlation coefficient of their values is 0.64, which was computed based on the last 100-days' price fluctuations of both currencies.
This coefficient may change 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 assets are moving in the reversed direction while the positive coefficient shows that the prices are moving in the identical direction. For instance, if Bitcoin and MonaCoin connection is positively strong, it means that when BTC is growing MONA will grow as well. The negative strong relation will point that when BTC is rising MONA price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MonaCoin. If we take all the factors affecting the price of MONA as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other factors, such as media, events or regulations.