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MoonCoin (MOON)

Correlation

0.68

Influence

46.24%

Bitcoin and MoonCoin Correlation

Does MoonCoin depend on Bitcoin? Based on the correlation analysis, BTC and MOON have a strong positive relationship. The correlation coefficient of their values is 0.68, which was calculated based on the previous 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 points that the prices of the currencies are going in the reversed direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and MoonCoin connection is positively strong, it means that when BTC is rising MOON will grow as well. The negative strong relation will tell that when BTC is growing MOON value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MoonCoin. If we take all the things affecting the price of MOON as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as news, technological releases or politics.