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Gridmaster (GMC)

Correlation

0.91

Influence

82.81%

Bitcoin and Gridmaster Correlation

Does Gridmaster depend on Bitcoin? Based on the correlation analysis, BTC and GMC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was measured based on the last 100-days' price dynamics of both coins.

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 tells that the prices of the coins are moving in the contrary direction while the positive coefficient shows that the prices are going in the same trend. For instance, if Bitcoin and Gridmaster connection is positively strong, it means that when BTC is growing GMC will rise as well. The negative strong relation will indicate that when BTC is rising GMC price will be in opposite lowering.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Gridmaster. If we take all the factors affecting the price of GMC 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 regulations.