Does Grin depend on Bitcoin? According to the correlation analysis, BTC and GRIN have a weak positive relationship. The correlation coefficient of their values is 0.28, which was measured based on the previous 100-days' price movements of both coins.
This coefficient may vary 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 going in the opposite direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Grin connection is positively strong, it means that when BTC is rising GRIN will grow as well. The negative strong relation will show that when BTC is growing GRIN value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Grin. If we take all the aspects affecting the price of GRIN as 100%, then the share of BTC price among these factors will be 7.84%. The other part which is 92.16% covers all the other circumstances, such as news, events or politics.