GlyphCoin (GLYPH)





Bitcoin and GlyphCoin Correlation

Does GlyphCoin depend on Bitcoin? Based on the correlation analysis, BTC and GLYPH 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 dynamics of both currencies.

This coefficient may range 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 contrary direction while the positive coefficient indicates that the prices are going in the identical direction. For example, if Bitcoin and GlyphCoin connection is positively strong, it means that when BTC is rising GLYPH will rise as well. The negative strong relation will point that when BTC is rising GLYPH value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over GlyphCoin. If we take all the factors affecting the price of GLYPH 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 media, technological releases or regulations.