Does Cryptonex depend on Bitcoin? According to the correlation analysis, BTC and CNX have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the last 100-days' price movements of both assets.
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 means that the prices of the cryptocurrencies are moving in the opposite trend while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and Cryptonex connection is positively strong, it means that when BTC is growing CNX will grow as well. The negative strong relation will tell that when BTC is rising CNX price will be in opposite lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Cryptonex. If we take all the circumstances affecting the price of CNX as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other circumstances, such as news, events or regulations.