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Patientory (PTOY)

Correlation

0.42

Influence

17.64%

Bitcoin and Patientory Correlation

Does Patientory depend on Bitcoin? According to the correlation analysis, BTC and PTOY have a strong positive relationship. The correlation coefficient of their prices is 0.42, which was calculated based on the previous 100-days' price movements 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 shows that the prices of the currencies are going in the opposite direction while the positive coefficient points that the prices are going in the same direction. For instance, if Bitcoin and Patientory connection is positively strong, it means that when BTC is rising PTOY will rise as well. The negative strong relation will indicate that when BTC is growing PTOY price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Patientory. If we take all the circumstances affecting the price of PTOY as 100%, then the share of BTC price among these factors will be 17.64%. The other part which is 82.36% covers all the other circumstances, such as news, events or regulations.