Does Pegascoin depend on Bitcoin? According to the correlation analysis, BTC and PGC have a strong positive relationship. The correlation coefficient of their values is 0.54, which was estimated based on the last 100-days' price movements 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 opposite trend while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Pegascoin connection is positively strong, it means that when BTC is growing PGC will rise as well. The negative strong relation will point that when BTC is growing PGC value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Pegascoin. If we take all the things affecting the price of PGC as 100%, then the share of BTC price among these factors will be 29.16%. The other part which is 70.84% covers all the other factors, such as news, technological releases or crypto related laws.