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GoldCoin (GLD)

Correlation

0.88

Influence

77.44%

Bitcoin and GoldCoin Correlation

Does GoldCoin depend on Bitcoin? Based on the correlation analysis, BTC and GLD have a very strong positive relationship. The correlation coefficient of their values is 0.88, which was estimated based on the last 100-days' price movements 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 tells that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient points that the prices are moving in the identical direction. For instance, if Bitcoin and GoldCoin connection is positively strong, it means that when BTC is growing GLD will grow as well. The negative strong relation will tell that when BTC is growing GLD value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over GoldCoin. If we take all the circumstances affecting the price of GLD as 100%, then the share of BTC price among these factors will be 77.44%. The other part which is 22.56% covers all the other factors, such as news, technological releases or regulations.