Does Pepe Cash depend on Bitcoin? According to the correlation analysis, BTC and PEPECASH have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was computed based on the previous 100-days' price fluctuations of both currencies.
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 shows that the prices of the assets are going in the reversed direction while the positive coefficient tells that the prices are going in the identical trend. For instance, if Bitcoin and Pepe Cash connection is positively strong, it means that when BTC is growing PEPECASH will rise as well. The negative strong relation will tell that when BTC is growing PEPECASH price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Pepe Cash. If we take all the factors affecting the price of PEPECASH as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other aspects, such as media, events or crypto related laws.