Does PayCoin depend on Bitcoin? According to the correlation analysis, BTC and XPY have no relationship. The correlation coefficient of their prices is 0.00, which was measured based on the previous 100-days' price fluctuations 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 indicates that the prices of the coins are going in the reversed trend while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and PayCoin connection is positively strong, it means that when BTC is growing XPY will rise as well. The negative strong relation will point that when BTC is rising XPY value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over PayCoin. If we take all the things affecting the price of XPY as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other factors, such as media, events or crypto related laws.