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GameStars (GST)

Correlation

0.56

Influence

31.36%

Bitcoin and GameStars Correlation

Does GameStars depend on Bitcoin? Based on the correlation analysis, BTC and GST have a strong positive relationship. The correlation coefficient of their values is 0.56, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.

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 tells that the prices of the assets are going in the reversed trend while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and GameStars connection is positively strong, it means that when BTC is rising GST will grow as well. The negative strong relation will tell that when BTC is rising GST value will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over GameStars. If we take all the circumstances affecting the price of GST as 100%, then the share of BTC price among these factors will be 31.36%. The other part which is 68.64% covers all the other things, such as news, technological releases or regulations.