Does Primalbase depend on Bitcoin? According to the correlation analysis, BTC and PBT have no or negligible relationship. The correlation coefficient of their prices is 0.03, which was measured based on the previous 100-days' price dynamics of both currencies.
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 coins are going in the contrary direction while the positive coefficient points that the prices are moving in the same trend. For instance, if Bitcoin and Primalbase connection is positively strong, it means that when BTC is rising PBT will grow as well. The negative strong relation will point that when BTC is rising PBT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Primalbase. If we take all the factors affecting the price of PBT 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 media, technological releases or politics.