Does Global Social Chain depend on Bitcoin? According to the correlation analysis, BTC and GSC have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured based on the previous 100-days' price movements of both cryptocurrencies.
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 going in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and Global Social Chain connection is positively strong, it means that when BTC is growing GSC will grow as well. The negative strong relation will show that when BTC is rising GSC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Global Social Chain. If we take all the circumstances affecting the price of GSC as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other aspects, such as media, technological releases or politics.