Does Genesis Vision depend on Bitcoin? Based on the correlation analysis, BTC and GVT have a strong positive relationship. The correlation coefficient of their prices is 0.42, which was calculated based on the previous 100-days' price dynamics of both assets.
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 shows that the prices of the currencies are going in the contrary trend while the positive coefficient means that the prices are going in the identical trend. For example, if Bitcoin and Genesis Vision connection is positively strong, it means that when BTC is growing GVT will rise as well. The negative strong relation will tell that when BTC is rising GVT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Genesis Vision. If we take all the aspects affecting the price of GVT as 100%, then the share of BTC price among these factors will be 17.64%. The other part which is 82.36% covers all the other circumstances, such as news, events or regulations.