Does PopulStay depend on Bitcoin? According to the correlation analysis, BTC and PPS have no or negligible relationship. The correlation coefficient of their values is 0.03, which was measured based on the last 100-days' price fluctuations of both assets.
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 coins are moving in the reversed trend while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and PopulStay connection is positively strong, it means that when BTC is rising PPS will rise as well. The negative strong relation will point that when BTC is rising PPS price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over PopulStay. If we take all the circumstances affecting the price of PPS as 100%, then the share of BTC price among these factors will be 0.09%. The other part which is 99.91% covers all the other circumstances, such as news, events or politics.