Does Peony Coin depend on Bitcoin? According to the correlation analysis, BTC and PNY have no or negligible relationship. The correlation coefficient of their values is -0.11, which was calculated based on the previous 100-days' price fluctuations of both assets.
This coefficient may change 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 currencies are going in the reversed trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Peony Coin connection is positively strong, it means that when BTC is rising PNY will rise as well. The negative strong relation will tell that when BTC is growing PNY price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Peony Coin. If we take all the circumstances affecting the price of PNY as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other aspects, such as news, technological releases or politics.