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Phore (PHR*)

Correlation

0.89

Influence

79.21%

Bitcoin and Phore Correlation

Does Phore depend on Bitcoin? According to the correlation analysis, BTC and PHR* have a very strong positive relationship. The correlation coefficient of their values is 0.89, which was estimated based on the last 100-days' price movements of both currencies.

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 tells that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient indicates that the prices are moving in the identical trend. For example, if Bitcoin and Phore connection is positively strong, it means that when BTC is growing PHR* will rise as well. The negative strong relation will tell that when BTC is rising PHR* value will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Phore. If we take all the things affecting the price of PHR* as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other circumstances, such as media, events or crypto related laws.