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Gx Coin (GXC)

Correlation

0.91

Influence

82.81%

Bitcoin and Gx Coin Correlation

Does Gx Coin depend on Bitcoin? Based on the correlation analysis, BTC and GXC have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the last 100-days' price movements of both coins.

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 means that the prices of the coins are moving in the opposite direction while the positive coefficient tells that the prices are moving in the same direction. For example, if Bitcoin and Gx Coin connection is positively strong, it means that when BTC is growing GXC will rise as well. The negative strong relation will show that when BTC is rising GXC value will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Gx Coin. If we take all the factors affecting the price of GXC as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or crypto related laws.