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Pluton (PLU)

Correlation

0.67

Influence

44.89%

Bitcoin and Pluton Correlation

Does Pluton depend on Bitcoin? According to the correlation analysis, BTC and PLU have a strong positive relationship. The correlation coefficient of their values is 0.67, which was computed based on the last 100-days' price movements 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 indicates that the prices of the assets are moving in the opposite trend while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Pluton connection is positively strong, it means that when BTC is rising PLU will grow as well. The negative strong relation will show that when BTC is growing PLU price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Pluton. If we take all the circumstances affecting the price of PLU as 100%, then the share of BTC price among these factors will be 44.89%. The other part which is 55.11% covers all the other things, such as media, events or regulations.