Does PacCoin depend on Bitcoin? According to the correlation analysis, BTC and PAC have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was computed based on the previous 100-days' price fluctuations of both assets.
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 indicates that the prices of the assets are going in the reversed trend while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and PacCoin connection is positively strong, it means that when BTC is growing PAC will rise as well. The negative strong relation will point that when BTC is rising PAC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over PacCoin. If we take all the things affecting the price of PAC as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other factors, such as news, events or crypto related laws.