Does GoToken depend on Bitcoin? Based on the correlation analysis, BTC and GOT* have a very strong negative relationship. The correlation coefficient of their prices is -0.79, which was calculated based on the previous 100-days' price dynamics of both coins.
This coefficient may adjust 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 currencies are going in the contrary direction while the positive coefficient tells that the prices are going in the identical direction. For example, if Bitcoin and GoToken connection is positively strong, it means that when BTC is growing GOT* will grow as well. The negative strong relation will tell that when BTC is growing GOT* value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over GoToken. If we take all the things affecting the price of GOT* as 100%, then the share of BTC price among these factors will be 62.41%. The other part which is 37.59% covers all the other factors, such as news, technological releases or regulations.