Does GanjaCoin V2 depend on Bitcoin? According to the correlation analysis, BTC and GNJ have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the last 100-days' price movements 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 points that the prices of the assets are moving in the opposite direction while the positive coefficient indicates that the prices are moving in the identical direction. For example, if Bitcoin and GanjaCoin V2 connection is positively strong, it means that when BTC is rising GNJ will grow as well. The negative strong relation will tell that when BTC is growing GNJ price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over GanjaCoin V2. If we take all the circumstances affecting the price of GNJ 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 circumstances, such as news, technological releases or regulations.