Does GoldReserve depend on Bitcoin? Based on the correlation analysis, BTC and XGR have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was estimated based on the previous 100-days' price dynamics 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 means that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and GoldReserve connection is positively strong, it means that when BTC is growing XGR will rise as well. The negative strong relation will point that when BTC is growing XGR price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over GoldReserve. If we take all the things affecting the price of XGR as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other aspects, such as media, technological releases or crypto related laws.