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GreenMed (GRMD)

Correlation

0.91

Influence

82.81%

Bitcoin and GreenMed Correlation

Does GreenMed depend on Bitcoin? According to the correlation analysis, BTC and GRMD have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the previous 100-days' price dynamics of both currencies.

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 tells that the prices of the currencies are going in the contrary direction while the positive coefficient shows that the prices are moving in the same trend. For example, if Bitcoin and GreenMed connection is positively strong, it means that when BTC is rising GRMD will rise as well. The negative strong relation will show that when BTC is growing GRMD value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over GreenMed. If we take all the factors affecting the price of GRMD 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 aspects, such as news, technological releases or politics.