Does Publica depend on Bitcoin? Based on the correlation analysis, BTC and PBL have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was estimated based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may range 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 cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are moving in the same direction. For example, if Bitcoin and Publica connection is positively strong, it means that when BTC is rising PBL will grow as well. The negative strong relation will tell that when BTC is growing PBL value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Publica. If we take all the things affecting the price of PBL as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other circumstances, such as media, events or crypto related laws.