Does Particl depend on Bitcoin? According to the correlation analysis, BTC and PART have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics 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 points that the prices of the currencies are moving in the contrary direction while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and Particl connection is positively strong, it means that when BTC is growing PART will grow as well. The negative strong relation will tell that when BTC is growing PART price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Particl. If we take all the aspects affecting the price of PART 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 media, technological releases or regulations.