Does Papusha depend on Bitcoin? According to the correlation analysis, BTC and PRT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 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 shows that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Papusha connection is positively strong, it means that when BTC is growing PRT will rise as well. The negative strong relation will indicate that when BTC is rising PRT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Papusha. If we take all the aspects affecting the price of PRT 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 things, such as news, events or crypto related laws.