Does GBR Coin depend on Bitcoin? Based on the correlation analysis, BTC and GBRC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the previous 100-days' price movements 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 cryptocurrencies are going in the opposite direction while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and GBR Coin connection is positively strong, it means that when BTC is rising GBRC will grow as well. The negative strong relation will show that when BTC is rising GBRC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over GBR Coin. If we take all the things affecting the price of GBRC 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 media, events or politics.