Does MurrayCoin depend on Bitcoin? According to the correlation analysis, BTC and MRY have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price dynamics of both currencies.
This coefficient may change 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 cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the identical direction. For instance, if Bitcoin and MurrayCoin connection is positively strong, it means that when BTC is growing MRY will rise as well. The negative strong relation will point that when BTC is rising MRY value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MurrayCoin. If we take all the things affecting the price of MRY 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 aspects, such as media, events or crypto related laws.