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GalaxyCoin (GLX)

Correlation

0.91

Influence

82.81%

Bitcoin and GalaxyCoin Correlation

Does GalaxyCoin depend on Bitcoin? Based on the correlation analysis, BTC and GLX have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price movements of both coins.

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 opposite direction while the positive coefficient means that the prices are moving in the same direction. For instance, if Bitcoin and GalaxyCoin connection is positively strong, it means that when BTC is rising GLX will grow as well. The negative strong relation will point that when BTC is growing GLX price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over GalaxyCoin. If we take all the factors affecting the price of GLX as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or politics.