Does Russian Mining Coin depend on Bitcoin? Based on the correlation analysis, BTC and RMC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 currencies are going in the contrary trend while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and Russian Mining Coin connection is positively strong, it means that when BTC is rising RMC will grow as well. The negative strong relation will indicate that when BTC is growing RMC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Russian Mining Coin. If we take all the things affecting the price of RMC 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 politics.