Does Pirate Blocks depend on Bitcoin? According to the correlation analysis, BTC and SKULL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 means that the prices of the coins are going in the reversed trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Pirate Blocks connection is positively strong, it means that when BTC is growing SKULL will grow as well. The negative strong relation will point that when BTC is rising SKULL price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Pirate Blocks. If we take all the things affecting the price of SKULL 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 things, such as news, technological releases or politics.