Does Internet of People depend on Bitcoin? According to the correlation analysis, BTC and IOP have a very strong positive relationship. The correlation coefficient of their values is 0.86, which was calculated based on the last 100-days' price fluctuations 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 tells that the prices of the currencies are moving in the reversed trend while the positive coefficient indicates that the prices are moving in the identical trend. For instance, if Bitcoin and Internet of People connection is positively strong, it means that when BTC is growing IOP will grow as well. The negative strong relation will point that when BTC is growing IOP price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Internet of People. If we take all the aspects affecting the price of IOP as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other factors, such as media, events or crypto related laws.