Does High Performance Blockchain depend on Bitcoin? According to the correlation analysis, BTC and HPB have a very strong positive relationship. The correlation coefficient of their prices is 0.83, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.
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 shows that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and High Performance Blockchain connection is positively strong, it means that when BTC is rising HPB will grow as well. The negative strong relation will indicate that when BTC is growing HPB price will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over High Performance Blockchain. If we take all the things affecting the price of HPB as 100%, then the share of BTC price among these factors will be 68.89%. The other part which is 31.11% covers all the other aspects, such as media, technological releases or regulations.