Does PesoBit depend on Bitcoin? According to the correlation analysis, BTC and PSB have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the last 100-days' price dynamics of both assets.
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 indicates that the prices of the currencies are moving in the contrary trend while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and PesoBit connection is positively strong, it means that when BTC is rising PSB will rise as well. The negative strong relation will tell that when BTC is rising PSB value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over PesoBit. If we take all the things affecting the price of PSB as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as media, technological releases or politics.