Does Ghost Coin depend on Bitcoin? Based on the correlation analysis, BTC and SPKTR have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 100-days' price fluctuations of both cryptocurrencies.
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 tells that the prices of the assets are going in the reversed trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Ghost Coin connection is positively strong, it means that when BTC is rising SPKTR will rise as well. The negative strong relation will tell that when BTC is rising SPKTR value will be in contrary lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Ghost Coin. If we take all the factors affecting the price of SPKTR 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, technological releases or politics.