Does MoneyCoin depend on Bitcoin? According to the correlation analysis, BTC and MONEY have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price fluctuations of both assets.
This coefficient may vary 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 means that the prices of the currencies are going in the reversed trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and MoneyCoin connection is positively strong, it means that when BTC is growing MONEY will rise as well. The negative strong relation will show that when BTC is rising MONEY value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MoneyCoin. If we take all the circumstances affecting the price of MONEY 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 things, such as media, events or crypto related laws.