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GoldPieces (GP)

Correlation

0.91

Influence

82.81%

Bitcoin and GoldPieces Correlation

Does GoldPieces depend on Bitcoin? Based on the correlation analysis, BTC and GP have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed 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 assets are moving in the opposite direction while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and GoldPieces connection is positively strong, it means that when BTC is growing GP will rise as well. The negative strong relation will show that when BTC is rising GP price will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over GoldPieces. If we take all the circumstances affecting the price of GP 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, events or politics.