Does Monero Gold depend on Bitcoin? Based on the correlation analysis, BTC and XMRG have a strong positive relationship. The correlation coefficient of their values is 0.68, which was measured based on the previous 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 points that the prices of the coins are going in the opposite trend while the positive coefficient shows that the prices are going in the same direction. For example, if Bitcoin and Monero Gold connection is positively strong, it means that when BTC is rising XMRG will rise as well. The negative strong relation will tell that when BTC is rising XMRG price will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Monero Gold. If we take all the aspects affecting the price of XMRG as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, events or crypto related laws.