Does Galilel depend on Bitcoin? According to the correlation analysis, BTC and GALI have a strong positive relationship. The correlation coefficient of their values is 0.45, which was calculated based on the last 100-days' price dynamics of both cryptocurrencies.
This coefficient may vary 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 currencies are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Galilel connection is positively strong, it means that when BTC is rising GALI will rise as well. The negative strong relation will show that when BTC is growing GALI price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Galilel. If we take all the circumstances affecting the price of GALI as 100%, then the share of BTC price among these factors will be 20.25%. The other part which is 79.75% covers all the other factors, such as news, events or regulations.