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MyriadCoin (XMY)

Correlation

0.78

Influence

60.84%

Bitcoin and MyriadCoin Correlation

Does MyriadCoin depend on Bitcoin? Based on the correlation analysis, BTC and XMY have a very strong positive relationship. The correlation coefficient of their values is 0.78, which was computed based on the previous 100-days' price movements 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 points that the prices of the assets are going in the opposite direction while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and MyriadCoin connection is positively strong, it means that when BTC is rising XMY will rise as well. The negative strong relation will point that when BTC is rising XMY price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MyriadCoin. If we take all the factors affecting the price of XMY as 100%, then the share of BTC price among these factors will be 60.84%. The other part which is 39.16% covers all the other things, such as media, technological releases or crypto related laws.