Does GoldBlocks depend on Bitcoin? According to the correlation analysis, BTC and GB have a very strong positive relationship. The correlation coefficient of their prices is 0.81, which was measured based on the previous 100-days' price movements of both currencies.
This coefficient may change 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 coins are going in the opposite direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and GoldBlocks connection is positively strong, it means that when BTC is rising GB will rise as well. The negative strong relation will show that when BTC is rising GB price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over GoldBlocks. If we take all the circumstances affecting the price of GB as 100%, then the share of BTC price among these factors will be 65.61%. The other part which is 34.39% covers all the other aspects, such as media, events or politics.