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Plancoin (PLAN)

Correlation

0.53

Influence

28.09%

Bitcoin and Plancoin Correlation

Does Plancoin depend on Bitcoin? According to the correlation analysis, BTC and PLAN have a strong positive relationship. The correlation coefficient of their prices is 0.53, which was estimated based on the previous 100-days' price movements 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 indicates that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Plancoin connection is positively strong, it means that when BTC is rising PLAN will rise as well. The negative strong relation will point that when BTC is growing PLAN value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Plancoin. If we take all the factors affecting the price of PLAN as 100%, then the share of BTC price among these factors will be 28.09%. The other part which is 71.91% covers all the other factors, such as media, technological releases or regulations.