Does Proof Suite Token depend on Bitcoin? According to the correlation analysis, BTC and PRFT have a very strong positive relationship. The correlation coefficient of their prices is 0.77, which was computed 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 assets are moving in the opposite direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and Proof Suite Token connection is positively strong, it means that when BTC is growing PRFT will rise as well. The negative strong relation will indicate that when BTC is rising PRFT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Proof Suite Token. If we take all the aspects affecting the price of PRFT as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as news, technological releases or crypto related laws.