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PhantomX (PNX)

Correlation

-0.15

Influence

2.25%

Bitcoin and PhantomX Correlation

Does PhantomX depend on Bitcoin? Based on the correlation analysis, BTC and PNX have no or negligible relationship. The correlation coefficient of their prices is -0.15, which was estimated based on the previous 100-days' price dynamics of both coins.

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 cryptocurrencies are going in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For example, if Bitcoin and PhantomX connection is positively strong, it means that when BTC is rising PNX will grow as well. The negative strong relation will point that when BTC is growing PNX price will be in contrary lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over PhantomX. If we take all the aspects affecting the price of PNX as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other aspects, such as news, events or regulations.