Does PlatiniumCoin depend on Bitcoin? According to the correlation analysis, BTC and PNC have a very strong positive relationship. The correlation coefficient of their prices is 0.77, which was measured based on the last 100-days' price dynamics of both assets.
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 coins are moving in the contrary trend while the positive coefficient indicates that the prices are going in the same trend. For instance, if Bitcoin and PlatiniumCoin connection is positively strong, it means that when BTC is rising PNC will rise as well. The negative strong relation will tell that when BTC is rising PNC price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over PlatiniumCoin. If we take all the things affecting the price of PNC as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other factors, such as news, technological releases or crypto related laws.