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Energi (NRG)

Correlation

0.76

Influence

57.76%

Bitcoin and Energi Correlation

Does Energi depend on Bitcoin? According to the correlation analysis, BTC and NRG have a very strong positive relationship. The correlation coefficient of their prices is 0.76, which was computed based on the last 100-days' price fluctuations of both cryptocurrencies.

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 means that the prices of the assets are moving in the reversed trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Energi connection is positively strong, it means that when BTC is rising NRG will grow as well. The negative strong relation will indicate that when BTC is growing NRG value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Energi. If we take all the things affecting the price of NRG as 100%, then the share of BTC price among these factors will be 57.76%. The other part which is 42.24% covers all the other circumstances, such as media, events or crypto related laws.