Does BlockPool depend on Bitcoin? Based on the correlation analysis, BTC and BPL have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
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 cryptocurrencies are going in the opposite trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and BlockPool connection is positively strong, it means that when BTC is rising BPL will rise as well. The negative strong relation will point that when BTC is growing BPL price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BlockPool. If we take all the things affecting the price of BPL 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 factors, such as news, events or regulations.