Does Finom NOM Token depend on Bitcoin? According to the correlation analysis, BTC and NOM have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the last 100-days' price dynamics of both cryptocurrencies.
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 contrary trend while the positive coefficient shows that the prices are moving in the same direction. For example, if Bitcoin and Finom NOM Token connection is positively strong, it means that when BTC is rising NOM will rise as well. The negative strong relation will tell that when BTC is growing NOM value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Finom NOM Token. If we take all the things affecting the price of NOM 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 politics.