Does Prime-X1 depend on Bitcoin? According to the correlation analysis, BTC and PXI have no or negligible relationship. The correlation coefficient of their values is 0.06, which was estimated based on the last 100-days' price movements 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 cryptocurrencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and Prime-X1 connection is positively strong, it means that when BTC is growing PXI will grow as well. The negative strong relation will indicate that when BTC is rising PXI value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Prime-X1. If we take all the circumstances affecting the price of PXI as 100%, then the share of BTC price among these factors will be 0.36%. The other part which is 99.64% covers all the other circumstances, such as media, events or politics.