Does GunCoin depend on Bitcoin? Based on the correlation analysis, BTC and GUN have a very strong positive relationship. The correlation coefficient of their values is 0.92, which was measured based on the last 100-days' price dynamics 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 coins are moving in the contrary trend while the positive coefficient shows that the prices are going in the identical direction. For instance, if Bitcoin and GunCoin connection is positively strong, it means that when BTC is growing GUN will rise as well. The negative strong relation will tell that when BTC is growing GUN price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over GunCoin. If we take all the circumstances affecting the price of GUN as 100%, then the share of BTC price among these factors will be 84.64%. The other part which is 15.36% covers all the other things, such as news, technological releases or politics.