Does Bitcoin Nova depend on Bitcoin? Based on the correlation analysis, BTC and BTN have a strong positive relationship. The correlation coefficient of their prices is 0.56, which was estimated based on the last 100-days' price fluctuations of both assets.
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 shows that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and Bitcoin Nova connection is positively strong, it means that when BTC is growing BTN will rise as well. The negative strong relation will indicate that when BTC is rising BTN price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Bitcoin Nova. If we take all the aspects affecting the price of BTN as 100%, then the share of BTC price among these factors will be 31.36%. The other part which is 68.64% covers all the other aspects, such as news, events or crypto related laws.