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Global (GLOBE)

Correlation

0.91

Influence

82.81%

Bitcoin and Global Correlation

Does Global depend on Bitcoin? According to the correlation analysis, BTC and GLOBE have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the last 100-days' price fluctuations of both currencies.

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 points that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient points that the prices are moving in the same trend. For example, if Bitcoin and Global connection is positively strong, it means that when BTC is growing GLOBE will rise as well. The negative strong relation will tell that when BTC is growing GLOBE value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Global. If we take all the aspects affecting the price of GLOBE 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 things, such as news, events or politics.