Does Bitcoin Planet depend on Bitcoin? According to the correlation analysis, BTC and BTPL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price fluctuations 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 means that the prices of the currencies are moving in the reversed direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Bitcoin Planet connection is positively strong, it means that when BTC is rising BTPL will grow as well. The negative strong relation will indicate that when BTC is rising BTPL value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Bitcoin Planet. If we take all the things affecting the price of BTPL 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 things, such as media, events or politics.