Does GiftNet depend on Bitcoin? According to the correlation analysis, BTC and GIFT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price movements 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 shows that the prices of the coins are moving in the opposite direction while the positive coefficient shows that the prices are moving in the same direction. For instance, if Bitcoin and GiftNet connection is positively strong, it means that when BTC is rising GIFT will grow as well. The negative strong relation will indicate that when BTC is rising GIFT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over GiftNet. If we take all the factors affecting the price of GIFT 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 news, technological releases or regulations.