Does PlayGame depend on Bitcoin? Based on the correlation analysis, BTC and PXG have a weak negative relationship. The correlation coefficient of their values is -0.26, which was estimated based on the previous 100-days' price movements of both currencies.
This coefficient may range 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 direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and PlayGame connection is positively strong, it means that when BTC is rising PXG will rise as well. The negative strong relation will indicate that when BTC is rising PXG value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over PlayGame. If we take all the things affecting the price of PXG as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other circumstances, such as news, technological releases or politics.