Does Golos depend on Bitcoin? According to the correlation analysis, BTC and GOLOS have a very strong positive relationship. The correlation coefficient of their prices is 0.76, which was computed based on the last 100-days' price fluctuations of both coins.
This coefficient may change 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 assets are moving in the reversed direction while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and Golos connection is positively strong, it means that when BTC is growing GOLOS will rise as well. The negative strong relation will indicate that when BTC is growing GOLOS value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Golos. If we take all the aspects affecting the price of GOLOS as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other things, such as media, events or regulations.