Does Genstake depend on Bitcoin? Based on the correlation analysis, BTC and GEN have a strong positive relationship. The correlation coefficient of their prices is 0.55, which was estimated based on the previous 100-days' price dynamics of both currencies.
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 cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Genstake connection is positively strong, it means that when BTC is rising GEN will grow as well. The negative strong relation will tell that when BTC is rising GEN price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Genstake. If we take all the factors affecting the price of GEN as 100%, then the share of BTC price among these factors will be 30.25%. The other part which is 69.75% covers all the other aspects, such as news, events or crypto related laws.