Does PokerSports depend on Bitcoin? According to the correlation analysis, BTC and XPST have a strong positive relationship. The correlation coefficient of their prices is 0.68, 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 means that the prices are moving in the identical direction. For instance, if Bitcoin and PokerSports connection is positively strong, it means that when BTC is rising XPST will grow as well. The negative strong relation will tell that when BTC is rising XPST price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over PokerSports. If we take all the factors affecting the price of XPST as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, technological releases or crypto related laws.