Does Pioneershares depend on Bitcoin? According to the correlation analysis, BTC and PIO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price fluctuations 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 cryptocurrencies are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Pioneershares connection is positively strong, it means that when BTC is rising PIO will grow as well. The negative strong relation will indicate that when BTC is rising PIO price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Pioneershares. If we take all the circumstances affecting the price of PIO as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as media, events or regulations.