Does Paycentos depend on Bitcoin? According to the correlation analysis, BTC and PYN have a strong positive relationship. The correlation coefficient of their values is 0.68, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.
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 tells that the prices of the cryptocurrencies are moving in the contrary trend while the positive coefficient indicates that the prices are moving in the same trend. For example, if Bitcoin and Paycentos connection is positively strong, it means that when BTC is rising PYN will rise as well. The negative strong relation will tell that when BTC is growing PYN value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Paycentos. If we take all the things affecting the price of PYN as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as news, events or regulations.