Does GenXCoin depend on Bitcoin? Based on the correlation analysis, BTC and GXC* have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price dynamics of both coins.
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 indicates that the prices of the currencies are moving in the contrary direction while the positive coefficient points that the prices are going in the same trend. For instance, if Bitcoin and GenXCoin connection is positively strong, it means that when BTC is rising GXC* will rise as well. The negative strong relation will indicate that when BTC is rising GXC* price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over GenXCoin. If we take all the circumstances affecting the price of GXC* 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 news, technological releases or politics.