Does Autonio depend on Bitcoin? According to the correlation analysis, BTC and NIO have a strong positive relationship. The correlation coefficient of their prices is 0.66, which was measured based on the last 100-days' price fluctuations of both assets.
This coefficient may change 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 shows that the prices of the coins are moving in the reversed trend while the positive coefficient tells that the prices are moving in the same trend. For instance, if Bitcoin and Autonio connection is positively strong, it means that when BTC is rising NIO will grow as well. The negative strong relation will show that when BTC is growing NIO value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Autonio. If we take all the factors affecting the price of NIO as 100%, then the share of BTC price among these factors will be 43.56%. The other part which is 56.44% covers all the other aspects, such as media, events or crypto related laws.