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PenCoin (PEN)

Correlation

0.23

Influence

5.29%

Bitcoin and PenCoin Correlation

Does PenCoin depend on Bitcoin? Based on the correlation analysis, BTC and PEN have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was measured based on the last 100-days' price fluctuations of both currencies.

This coefficient may adjust 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 means that the prices of the coins are moving in the reversed direction while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and PenCoin connection is positively strong, it means that when BTC is rising PEN will rise as well. The negative strong relation will point that when BTC is growing PEN price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over PenCoin. If we take all the factors affecting the price of PEN as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other factors, such as news, events or regulations.