Does Godbex depend on Bitcoin? According to the correlation analysis, BTC and GBE have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements 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 means that the prices of the assets 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 Godbex connection is positively strong, it means that when BTC is growing GBE will rise as well. The negative strong relation will tell that when BTC is rising GBE value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Godbex. If we take all the circumstances affecting the price of GBE 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 circumstances, such as media, technological releases or regulations.