Does BitNautic depend on Bitcoin? According to the correlation analysis, BTC and BTNT have a strong negative relationship. The correlation coefficient of their prices is -0.56, which was calculated based on the previous 100-days' price fluctuations of both coins.
This coefficient may vary 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 currencies are going in the reversed direction while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and BitNautic connection is positively strong, it means that when BTC is growing BTNT will rise as well. The negative strong relation will tell that when BTC is growing BTNT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over BitNautic. If we take all the aspects affecting the price of BTNT 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 circumstances, such as news, technological releases or regulations.