Does Monero Classic depend on Bitcoin? Based on the correlation analysis, BTC and XMC have a strong positive relationship. The correlation coefficient of their values is 0.51, which was computed based on the previous 100-days' price movements of both currencies.
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 assets are going in the opposite direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and Monero Classic connection is positively strong, it means that when BTC is growing XMC will grow as well. The negative strong relation will tell that when BTC is rising XMC value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Monero Classic. If we take all the circumstances affecting the price of XMC as 100%, then the share of BTC price among these factors will be 26.01%. The other part which is 73.99% covers all the other things, such as news, technological releases or crypto related laws.