Does Black Pearl Coin depend on Bitcoin? According to the correlation analysis, BTC and XBP have a very strong positive relationship. The correlation coefficient of their prices is 0.90, which was estimated based on the last 100-days' price dynamics of both currencies.
This coefficient may vary 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 cryptocurrencies are moving in the contrary direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Black Pearl Coin connection is positively strong, it means that when BTC is rising XBP will grow as well. The negative strong relation will indicate that when BTC is growing XBP price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Black Pearl Coin. If we take all the aspects affecting the price of XBP as 100%, then the share of BTC price among these factors will be 81.00%. The other part which is 19.00% covers all the other factors, such as news, technological releases or crypto related laws.