Does Musicoin depend on Bitcoin? Based on the correlation analysis, BTC and MUSIC have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was measured based on the last 100-days' price dynamics 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 indicates that the prices of the coins are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and Musicoin connection is positively strong, it means that when BTC is growing MUSIC will rise as well. The negative strong relation will tell that when BTC is rising MUSIC value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Musicoin. If we take all the circumstances affecting the price of MUSIC as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other aspects, such as media, technological releases or politics.