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GlobalBoost (BSTY)

Correlation

0.88

Influence

77.44%

Bitcoin and GlobalBoost Correlation

Does GlobalBoost depend on Bitcoin? According to the correlation analysis, BTC and BSTY have a very strong positive relationship. The correlation coefficient of their prices is 0.88, which was calculated based on the last 100-days' price dynamics of both coins.

This coefficient may change 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 means that the prices of the currencies are moving in the contrary direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and GlobalBoost connection is positively strong, it means that when BTC is growing BSTY will grow as well. The negative strong relation will indicate that when BTC is growing BSTY price will be in opposite lowering.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over GlobalBoost. If we take all the circumstances affecting the price of BSTY as 100%, then the share of BTC price among these factors will be 77.44%. The other part which is 22.56% covers all the other aspects, such as news, events or politics.