Does MultiWallet Coin depend on Bitcoin? Based on the correlation analysis, BTC and MWC 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 cryptocurrencies.
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 indicates that the prices of the currencies are going in the reversed trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and MultiWallet Coin connection is positively strong, it means that when BTC is rising MWC will grow as well. The negative strong relation will indicate that when BTC is rising MWC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over MultiWallet Coin. If we take all the aspects affecting the price of MWC 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 news, events or politics.