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Pioneer Coin (PCOIN)

Correlation

0.92

Influence

84.64%

Bitcoin and Pioneer Coin Correlation

Does Pioneer Coin depend on Bitcoin? According to the correlation analysis, BTC and PCOIN have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was calculated based on the previous 100-days' price dynamics 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 shows that the prices of the currencies are going in the contrary direction while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Pioneer Coin connection is positively strong, it means that when BTC is rising PCOIN will rise as well. The negative strong relation will show that when BTC is rising PCOIN price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Pioneer Coin. If we take all the aspects affecting the price of PCOIN as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, technological releases or crypto related laws.