Does Pebble Coin depend on Bitcoin? Based on the correlation analysis, BTC and XPB have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements of both currencies.
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 points that the prices of the assets are going in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Pebble Coin connection is positively strong, it means that when BTC is growing XPB will grow as well. The negative strong relation will tell that when BTC is growing XPB value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Pebble Coin. If we take all the things affecting the price of XPB as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as news, technological releases or crypto related laws.