Does Guaranteed Ethurance Token Extra depend on Bitcoin? Based on the correlation analysis, BTC and GETX have a weak negative relationship. The correlation coefficient of their values is -0.26, which was calculated based on the last 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 points that the prices of the currencies are moving in the opposite trend while the positive coefficient shows that the prices are moving in the same trend. For instance, if Bitcoin and Guaranteed Ethurance Token Extra connection is positively strong, it means that when BTC is rising GETX will grow as well. The negative strong relation will point that when BTC is growing GETX price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Guaranteed Ethurance Token Extra. If we take all the factors affecting the price of GETX as 100%, then the share of BTC price among these factors will be 6.76%. The other part which is 93.24% covers all the other aspects, such as news, technological releases or crypto related laws.