Does Universal Games Token depend on Bitcoin? Based on the correlation analysis, BTC and UGT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was estimated based on the last 100-days' price fluctuations 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 indicates that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Universal Games Token connection is positively strong, it means that when BTC is rising UGT will grow as well. The negative strong relation will point that when BTC is growing UGT value will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Universal Games Token. If we take all the circumstances affecting the price of UGT 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 circumstances, such as media, technological releases or crypto related laws.