⟷  

GrandCoin (GDC)

Correlation

0.92

Influence

84.64%

Bitcoin and GrandCoin Correlation

Does GrandCoin depend on Bitcoin? Based on the correlation analysis, BTC and GDC have a very strong positive relationship. The correlation coefficient of their prices is 0.92, which was calculated based on the previous 100-days' price movements of both assets.

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 shows that the prices of the currencies are going in the opposite trend while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and GrandCoin connection is positively strong, it means that when BTC is growing GDC will grow as well. The negative strong relation will point that when BTC is growing GDC value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over GrandCoin. If we take all the aspects affecting the price of GDC as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other aspects, such as news, technological releases or politics.