Does GiveCoin depend on Bitcoin? Based on the correlation analysis, BTC and GIVE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the previous 100-days' price movements of both cryptocurrencies.
This coefficient may range 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 points that the prices of the coins are going in the opposite trend while the positive coefficient points that the prices are going in the identical trend. For instance, if Bitcoin and GiveCoin connection is positively strong, it means that when BTC is growing GIVE will grow as well. The negative strong relation will point that when BTC is growing GIVE value will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over GiveCoin. If we take all the circumstances affecting the price of GIVE 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 crypto related laws.