Does GINcoin depend on Bitcoin? Based on the correlation analysis, BTC and GIN have a strong positive relationship. The correlation coefficient of their values is 0.63, which was calculated based on the previous 100-days' price fluctuations 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 tells that the prices of the currencies are going in the reversed trend while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and GINcoin connection is positively strong, it means that when BTC is growing GIN will rise as well. The negative strong relation will show that when BTC is rising GIN price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over GINcoin. If we take all the factors affecting the price of GIN as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other aspects, such as media, technological releases or regulations.