Does Proton depend on Bitcoin? According to the correlation analysis, BTC and PROTON have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price movements 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 tells that the prices of the assets are going in the opposite trend while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Proton connection is positively strong, it means that when BTC is rising PROTON will grow as well. The negative strong relation will tell that when BTC is rising PROTON value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Proton. If we take all the factors affecting the price of PROTON as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other factors, such as news, events or crypto related laws.