⟷  

Private Instant Verified Transaction (PIVX)

Correlation

0.69

Influence

47.61%

Bitcoin and Private Instant Verified Transaction Correlation

Does Private Instant Verified Transaction depend on Bitcoin? According to the correlation analysis, BTC and PIVX have a strong positive relationship. The correlation coefficient of their values is 0.69, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.

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 currencies are moving in the contrary trend while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Private Instant Verified Transaction connection is positively strong, it means that when BTC is growing PIVX will grow as well. The negative strong relation will point that when BTC is growing PIVX value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Private Instant Verified Transaction. If we take all the things affecting the price of PIVX 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 circumstances, such as news, events or crypto related laws.