Does GameBetCoin depend on Bitcoin? According to the correlation analysis, BTC and GBT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 100-days' price fluctuations of both coins.
This coefficient may change 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 going in the reversed direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and GameBetCoin connection is positively strong, it means that when BTC is rising GBT will rise as well. The negative strong relation will show that when BTC is growing GBT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over GameBetCoin. If we take all the factors affecting the price of GBT 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 factors, such as news, technological releases or politics.