Does Paragon depend on Bitcoin? Based on the correlation analysis, BTC and PRG have a strong positive relationship. The correlation coefficient of their prices is 0.64, which was calculated based on the last 100-days' price dynamics of both coins.
This coefficient may adjust 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 currencies are moving in the contrary direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and Paragon connection is positively strong, it means that when BTC is rising PRG will grow as well. The negative strong relation will indicate that when BTC is rising PRG value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Paragon. If we take all the factors affecting the price of PRG as 100%, then the share of BTC price among these factors will be 40.96%. The other part which is 59.04% covers all the other things, such as news, technological releases or politics.