⟷  

Pura (PURA)

Correlation

0.68

Influence

46.24%

Bitcoin and Pura Correlation

Does Pura depend on Bitcoin? Based on the correlation analysis, BTC and PURA have a strong positive relationship. The correlation coefficient of their values is 0.68, which was calculated based on the previous 100-days' price fluctuations of both currencies.

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 points that the prices of the currencies are going in the reversed direction while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Pura connection is positively strong, it means that when BTC is growing PURA will grow as well. The negative strong relation will point that when BTC is rising PURA value will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Pura. If we take all the circumstances affecting the price of PURA as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, events or politics.