Does ParallelCoin depend on Bitcoin? According to the correlation analysis, BTC and DUO have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was measured based on the last 100-days' price fluctuations of both currencies.
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 means that the prices of the coins are moving in the reversed direction while the positive coefficient tells that the prices are moving in the same direction. For instance, if Bitcoin and ParallelCoin connection is positively strong, it means that when BTC is rising DUO will grow as well. The negative strong relation will tell that when BTC is rising DUO price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over ParallelCoin. If we take all the things affecting the price of DUO as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other factors, such as media, technological releases or politics.