Does GlobalToken depend on Bitcoin? According to the correlation analysis, BTC and GLT have a strong positive relationship. The correlation coefficient of their prices is 0.63, which was calculated based on the previous 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 shows that the prices of the currencies are going in the reversed direction while the positive coefficient points that the prices are going in the identical direction. For example, if Bitcoin and GlobalToken connection is positively strong, it means that when BTC is growing GLT will rise as well. The negative strong relation will indicate that when BTC is rising GLT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over GlobalToken. If we take all the things affecting the price of GLT as 100%, then the share of BTC price among these factors will be 39.69%. The other part which is 60.31% covers all the other circumstances, such as news, technological releases or crypto related laws.