Does MysteryCoin depend on Bitcoin? According to the correlation analysis, BTC and MYST* have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price dynamics of both coins.
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 shows that the prices of the assets are moving in the contrary direction while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and MysteryCoin connection is positively strong, it means that when BTC is rising MYST* will grow as well. The negative strong relation will indicate that when BTC is rising MYST* value will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over MysteryCoin. If we take all the circumstances affecting the price of MYST* 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.