Does Protoshares depend on Bitcoin? Based on the correlation analysis, BTC and PTS* have no relationship. The correlation coefficient of their values is 0.00, which was computed based on the last 100-days' price fluctuations of both coins.
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 indicates that the prices of the assets are moving in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For instance, if Bitcoin and Protoshares connection is positively strong, it means that when BTC is growing PTS* will rise as well. The negative strong relation will indicate that when BTC is rising PTS* value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Protoshares. If we take all the aspects affecting the price of PTS* as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other aspects, such as media, technological releases or regulations.