Does Goat depend on Bitcoin? Based on the correlation analysis, BTC and GOAT have a very strong positive relationship. The correlation coefficient of their prices is 0.87, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may adjust 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 indicates that the prices of the coins are going in the opposite direction while the positive coefficient points that the prices are moving in the same direction. For instance, if Bitcoin and Goat connection is positively strong, it means that when BTC is growing GOAT will rise as well. The negative strong relation will show that when BTC is rising GOAT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Goat. If we take all the circumstances affecting the price of GOAT as 100%, then the share of BTC price among these factors will be 75.69%. The other part which is 24.31% covers all the other factors, such as media, events or regulations.