Does Ethfinex Nectar Token depend on Bitcoin? According to the correlation analysis, BTC and NEC* have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price fluctuations of both currencies.
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 tells that the prices of the currencies are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Ethfinex Nectar Token connection is positively strong, it means that when BTC is rising NEC* will rise as well. The negative strong relation will tell that when BTC is growing NEC* price will be in contrary lowering.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Ethfinex Nectar Token. If we take all the factors affecting the price of NEC* as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, events or politics.