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Bitnation Pangea (XPAT)

Correlation

0.68

Influence

46.24%

Bitcoin and Bitnation Pangea Correlation

Does Bitnation Pangea depend on Bitcoin? Based on the correlation analysis, BTC and XPAT have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured based on the last 100-days' price dynamics of both coins.

This coefficient may adjust 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 indicates that the prices of the coins are moving in the contrary direction while the positive coefficient points that the prices are going in the same trend. For example, if Bitcoin and Bitnation Pangea connection is positively strong, it means that when BTC is growing XPAT will rise as well. The negative strong relation will indicate that when BTC is rising XPAT price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Bitnation Pangea. If we take all the things affecting the price of XPAT as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, events or crypto related laws.