Does WAR FIELD depend on Bitcoin? Based on the correlation analysis, BTC and GLDR have a strong positive relationship. The correlation coefficient of their prices is 0.53, which was measured based on the last 100-days' price fluctuations of both currencies.
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 means that the prices of the coins are moving in the reversed direction while the positive coefficient tells that the prices are moving in the same trend. For example, if Bitcoin and WAR FIELD connection is positively strong, it means that when BTC is rising GLDR will grow as well. The negative strong relation will show that when BTC is growing GLDR price will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over WAR FIELD. If we take all the circumstances affecting the price of GLDR as 100%, then the share of BTC price among these factors will be 28.09%. The other part which is 71.91% covers all the other factors, such as news, technological releases or crypto related laws.