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Primpy (PPI)

Correlation

0.23

Influence

5.29%

Bitcoin and Primpy Correlation

Does Primpy depend on Bitcoin? According to the correlation analysis, BTC and PPI have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was estimated based on the last 100-days' price movements 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 cryptocurrencies are moving in the opposite trend while the positive coefficient shows that the prices are going in the identical direction. For example, if Bitcoin and Primpy connection is positively strong, it means that when BTC is rising PPI will grow as well. The negative strong relation will tell that when BTC is growing PPI value will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Primpy. If we take all the factors affecting the price of PPI as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other aspects, such as news, events or regulations.