Does Goldmaxcoin depend on Bitcoin? Based on the correlation analysis, BTC and GMX have a strong positive relationship. The correlation coefficient of their values is 0.58, which was measured based on the previous 100-days' price dynamics 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 indicates that the prices of the coins are going in the contrary direction while the positive coefficient indicates that the prices are moving in the same direction. For example, if Bitcoin and Goldmaxcoin connection is positively strong, it means that when BTC is growing GMX will rise as well. The negative strong relation will indicate that when BTC is growing GMX price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Goldmaxcoin. If we take all the factors affecting the price of GMX as 100%, then the share of BTC price among these factors will be 33.64%. The other part which is 66.36% covers all the other things, such as news, events or politics.