Does Power Ledger depend on Bitcoin? Based on the correlation analysis, BTC and POWR have a strong positive relationship. The correlation coefficient of their values is 0.69, which was estimated based on the last 100-days' price movements of both coins.
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 tells that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and Power Ledger connection is positively strong, it means that when BTC is rising POWR will grow as well. The negative strong relation will tell that when BTC is growing POWR price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Power Ledger. If we take all the circumstances affecting the price of POWR as 100%, then the share of BTC price among these factors will be 47.61%. The other part which is 52.39% covers all the other aspects, such as news, technological releases or crypto related laws.