Does Paycon depend on Bitcoin? Based on the correlation analysis, BTC and CON have a weak positive relationship. The correlation coefficient of their prices is 0.21, which was estimated based on the previous 100-days' price movements of both assets.
This coefficient may range 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 cryptocurrencies are going in the opposite trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Paycon connection is positively strong, it means that when BTC is rising CON will grow as well. The negative strong relation will indicate that when BTC is growing CON value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Paycon. If we take all the factors affecting the price of CON as 100%, then the share of BTC price among these factors will be 4.41%. The other part which is 95.59% covers all the other factors, such as media, technological releases or regulations.