Go! (XGOX)





Bitcoin and Go! Correlation

Does Go! depend on Bitcoin? According to the correlation analysis, BTC and XGOX have a very strong positive relationship. The correlation coefficient of their values is 0.71, which was estimated based on the last 100-days' price dynamics 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 tells that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and Go! connection is positively strong, it means that when BTC is rising XGOX will rise as well. The negative strong relation will tell that when BTC is growing XGOX price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Go!. If we take all the things affecting the price of XGOX as 100%, then the share of BTC price among these factors will be 50.41%. The other part which is 49.59% covers all the other things, such as news, events or politics.