Does PXcoin depend on Bitcoin? Based on the correlation analysis, BTC and PX have no or negligible relationship. The correlation coefficient of their values is 0.11, which was estimated based on the last 100-days' price movements 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 tells that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and PXcoin connection is positively strong, it means that when BTC is rising PX will rise as well. The negative strong relation will tell that when BTC is rising PX value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over PXcoin. If we take all the things affecting the price of PX as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other circumstances, such as news, events or politics.