Does ProChain depend on Bitcoin? Based on the correlation analysis, BTC and PRA have a strong positive relationship. The correlation coefficient of their prices is 0.53, which was measured based on the previous 100-days' price dynamics of both cryptocurrencies.
This coefficient may adjust 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 shows that the prices of the coins are going in the contrary trend while the positive coefficient means that the prices are moving in the identical trend. For instance, if Bitcoin and ProChain connection is positively strong, it means that when BTC is rising PRA will grow as well. The negative strong relation will indicate that when BTC is growing PRA price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over ProChain. If we take all the things affecting the price of PRA as 100%, then the share of BTC price among these factors will be 28.09%. The other part which is 71.91% covers all the other things, such as news, technological releases or regulations.