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PinkCoin (PINK)

Correlation

0.81

Influence

65.61%

Bitcoin and PinkCoin Correlation

Does PinkCoin depend on Bitcoin? Based on the correlation analysis, BTC and PINK have a very strong positive relationship. The correlation coefficient of their values is 0.81, which was estimated based on the previous 100-days' price dynamics of both coins.

This coefficient may range 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 points that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are going in the same direction. For instance, if Bitcoin and PinkCoin connection is positively strong, it means that when BTC is rising PINK will grow as well. The negative strong relation will indicate that when BTC is growing PINK value will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over PinkCoin. If we take all the things affecting the price of PINK as 100%, then the share of BTC price among these factors will be 65.61%. The other part which is 34.39% covers all the other things, such as media, events or politics.