Does CryptoPing depend on Bitcoin? Based on the correlation analysis, BTC and PING have a weak negative relationship. The correlation coefficient of their prices is -0.24, which was calculated based on the last 100-days' price movements of both currencies.
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 shows that the prices of the currencies are moving in the opposite direction while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and CryptoPing connection is positively strong, it means that when BTC is growing PING will rise as well. The negative strong relation will point that when BTC is rising PING price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over CryptoPing. If we take all the factors affecting the price of PING as 100%, then the share of BTC price among these factors will be 5.76%. The other part which is 94.24% covers all the other things, such as media, technological releases or crypto related laws.