Does Mycro depend on Bitcoin? According to the correlation analysis, BTC and MYO have a very strong positive relationship. The correlation coefficient of their prices is 0.84, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.
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 means that the prices of the coins are moving in the reversed trend while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Mycro connection is positively strong, it means that when BTC is rising MYO will grow as well. The negative strong relation will indicate that when BTC is growing MYO price will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Mycro. If we take all the aspects affecting the price of MYO as 100%, then the share of BTC price among these factors will be 70.56%. The other part which is 29.44% covers all the other aspects, such as news, technological releases or regulations.