Does MudraCoin depend on Bitcoin? According to the correlation analysis, BTC and MUDRA have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations of both currencies.
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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are going in the identical direction. For instance, if Bitcoin and MudraCoin connection is positively strong, it means that when BTC is growing MUDRA will rise as well. The negative strong relation will tell that when BTC is rising MUDRA price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over MudraCoin. If we take all the aspects affecting the price of MUDRA 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, technological releases or regulations.