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GrowthCoin (GRW)

Correlation

0.82

Influence

67.24%

Bitcoin and GrowthCoin Correlation

Does GrowthCoin depend on Bitcoin? Based on the correlation analysis, BTC and GRW have a very strong positive relationship. The correlation coefficient of their values is 0.82, which was computed based on the previous 100-days' price movements of both currencies.

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 indicates that the prices of the assets are going in the opposite direction while the positive coefficient shows that the prices are moving in the identical direction. For example, if Bitcoin and GrowthCoin connection is positively strong, it means that when BTC is growing GRW will rise as well. The negative strong relation will point that when BTC is rising GRW value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over GrowthCoin. If we take all the aspects affecting the price of GRW as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other aspects, such as news, technological releases or politics.