Does Giotto Coin depend on Bitcoin? According to the correlation analysis, BTC and GOT have a strong negative relationship. The correlation coefficient of their prices is -0.51, which was estimated based on the last 100-days' price movements of both assets.
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 cryptocurrencies are moving in the opposite trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Giotto Coin connection is positively strong, it means that when BTC is growing GOT will grow as well. The negative strong relation will tell that when BTC is growing GOT price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Giotto Coin. If we take all the things affecting the price of GOT as 100%, then the share of BTC price among these factors will be 26.01%. The other part which is 73.99% covers all the other things, such as news, events or crypto related laws.