Does Plair depend on Bitcoin? According to the correlation analysis, BTC and PLAI have a moderate negative relationship. The correlation coefficient of their values is -0.35, which was estimated based on the last 100-days' price fluctuations of both assets.
This coefficient may vary 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 moving in the reversed trend while the positive coefficient means that the prices are moving in the same direction. For instance, if Bitcoin and Plair connection is positively strong, it means that when BTC is rising PLAI will rise as well. The negative strong relation will show that when BTC is growing PLAI price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Plair. If we take all the aspects affecting the price of PLAI as 100%, then the share of BTC price among these factors will be 12.25%. The other part which is 87.75% covers all the other things, such as news, events or regulations.