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Guppy (GUP)

Correlation

0.46

Influence

21.16%

Bitcoin and Guppy Correlation

Does Guppy depend on Bitcoin? Based on the correlation analysis, BTC and GUP have a strong positive relationship. The correlation coefficient of their prices is 0.46, which was measured based on the last 100-days' price movements of both cryptocurrencies.

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 coins are moving in the opposite trend while the positive coefficient shows that the prices are going in the identical trend. For instance, if Bitcoin and Guppy connection is positively strong, it means that when BTC is rising GUP will grow as well. The negative strong relation will point that when BTC is rising GUP value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Guppy. If we take all the things affecting the price of GUP as 100%, then the share of BTC price among these factors will be 21.16%. The other part which is 78.84% covers all the other things, such as media, technological releases or politics.