Does PhoenixCoin depend on Bitcoin? Based on the correlation analysis, BTC and PXC have a very strong negative relationship. The correlation coefficient of their prices is -0.77, which was measured based on the last 100-days' price fluctuations of both cryptocurrencies.
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 shows that the prices of the coins are moving in the reversed trend while the positive coefficient indicates that the prices are going in the same trend. For example, if Bitcoin and PhoenixCoin connection is positively strong, it means that when BTC is rising PXC will rise as well. The negative strong relation will show that when BTC is rising PXC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over PhoenixCoin. If we take all the aspects affecting the price of PXC as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as news, technological releases or regulations.