Does GoldenBird depend on Bitcoin? Based on the correlation analysis, BTC and XGB have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price movements of both coins.
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 shows that the prices of the coins are moving in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and GoldenBird connection is positively strong, it means that when BTC is growing XGB will rise as well. The negative strong relation will indicate that when BTC is rising XGB value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over GoldenBird. If we take all the things affecting the price of XGB 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 crypto related laws.