Does Gulden depend on Bitcoin? Based on the correlation analysis, BTC and NLG have no or negligible relationship. The correlation coefficient of their prices is -0.15, which was calculated based on the last 100-days' price dynamics of both assets.
This coefficient may range 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 currencies 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 Gulden connection is positively strong, it means that when BTC is growing NLG will grow as well. The negative strong relation will point that when BTC is rising NLG price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Gulden. If we take all the aspects affecting the price of NLG as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other factors, such as media, technological releases or crypto related laws.