Does Paymon depend on Bitcoin? According to the correlation analysis, BTC and PMNT have a weak positive relationship. The correlation coefficient of their values is 0.24, which was measured based on the last 100-days' price dynamics of both assets.
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 points that the prices of the coins are moving in the contrary trend while the positive coefficient indicates that the prices are moving in the same direction. For instance, if Bitcoin and Paymon connection is positively strong, it means that when BTC is growing PMNT will grow as well. The negative strong relation will point that when BTC is growing PMNT value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Paymon. If we take all the aspects affecting the price of PMNT as 100%, then the share of BTC price among these factors will be 5.76%. The other part which is 94.24% covers all the other factors, such as media, events or crypto related laws.