Does Pylon Network depend on Bitcoin? Based on the correlation analysis, BTC and PYLNT have no or negligible relationship. The correlation coefficient of their prices is -0.09, which was calculated based on the previous 100-days' price fluctuations of both assets.
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 means that the prices of the currencies are going in the reversed trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and Pylon Network connection is positively strong, it means that when BTC is growing PYLNT will rise as well. The negative strong relation will tell that when BTC is rising PYLNT value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Pylon Network. If we take all the things affecting the price of PYLNT as 100%, then the share of BTC price among these factors will be 0.81%. The other part which is 99.19% covers all the other factors, such as news, events or crypto related laws.