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PlanetCoin (PLANET)

Correlation

0.91

Influence

82.81%

Bitcoin and PlanetCoin Correlation

Does PlanetCoin depend on Bitcoin? According to the correlation analysis, BTC and PLANET have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price dynamics of both currencies.

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 indicates that the prices of the assets are going in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and PlanetCoin connection is positively strong, it means that when BTC is rising PLANET will grow as well. The negative strong relation will indicate that when BTC is growing PLANET value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over PlanetCoin. If we take all the things affecting the price of PLANET 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 circumstances, such as media, events or regulations.