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Oyster Pearl (PRL)

Correlation

0.91

Influence

82.81%

Bitcoin and Oyster Pearl Correlation

Does Oyster Pearl depend on Bitcoin? According to the correlation analysis, BTC and PRL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price dynamics of both cryptocurrencies.

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 shows that the prices of the cryptocurrencies are going in the contrary trend while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and Oyster Pearl connection is positively strong, it means that when BTC is growing PRL will rise as well. The negative strong relation will tell that when BTC is rising PRL value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Oyster Pearl. If we take all the things affecting the price of PRL 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 circumstances, such as media, technological releases or regulations.