Does GeoFunders depend on Bitcoin? According to the correlation analysis, BTC and GUNS 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 dynamics of both coins.
This coefficient may vary 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 means 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 trend. For example, if Bitcoin and GeoFunders connection is positively strong, it means that when BTC is rising GUNS will rise as well. The negative strong relation will show that when BTC is growing GUNS price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over GeoFunders. If we take all the things affecting the price of GUNS 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 aspects, such as news, events or regulations.