Does Game depend on Bitcoin? Based on the correlation analysis, BTC and GTC have a very strong positive relationship. The correlation coefficient of their prices is 0.79, which was measured based on the last 100-days' price fluctuations 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 shows that the prices of the coins are moving in the reversed direction while the positive coefficient indicates that the prices are going in the identical trend. For instance, if Bitcoin and Game connection is positively strong, it means that when BTC is rising GTC will grow as well. The negative strong relation will point that when BTC is rising GTC value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Game. If we take all the factors affecting the price of GTC as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other circumstances, such as news, technological releases or crypto related laws.