Does Globalvillage Ecosystem depend on Bitcoin? According to the correlation analysis, BTC and GVE have no or negligible relationship. The correlation coefficient of their prices is 0.16, which was calculated based on the last 100-days' price movements of both coins.
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 moving in the opposite direction while the positive coefficient tells that the prices are going in the same direction. For example, if Bitcoin and Globalvillage Ecosystem connection is positively strong, it means that when BTC is rising GVE will rise as well. The negative strong relation will tell that when BTC is rising GVE price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Globalvillage Ecosystem. If we take all the aspects affecting the price of GVE as 100%, then the share of BTC price among these factors will be 2.56%. The other part which is 97.44% covers all the other factors, such as news, technological releases or politics.