Does PantherCoin depend on Bitcoin? According to the correlation analysis, BTC and PINKX 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 fluctuations of both currencies.
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 means that the prices of the cryptocurrencies are going in the reversed direction while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and PantherCoin connection is positively strong, it means that when BTC is rising PINKX will grow as well. The negative strong relation will indicate that when BTC is growing PINKX value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over PantherCoin. If we take all the circumstances affecting the price of PINKX 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 factors, such as news, events or regulations.