Does Ghoul Coin depend on Bitcoin? Based on the correlation analysis, BTC and GHOUL have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements 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 assets are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Ghoul Coin connection is positively strong, it means that when BTC is rising GHOUL will grow as well. The negative strong relation will tell that when BTC is rising GHOUL value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ghoul Coin. If we take all the circumstances affecting the price of GHOUL 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 circumstances, such as media, technological releases or regulations.