Does Internxt depend on Bitcoin? Based on the correlation analysis, BTC and INXT have a strong positive relationship. The correlation coefficient of their values is 0.68, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
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 points that the prices of the currencies are moving in the reversed trend while the positive coefficient means that the prices are going in the identical trend. For instance, if Bitcoin and Internxt connection is positively strong, it means that when BTC is growing INXT will rise as well. The negative strong relation will indicate that when BTC is growing INXT value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Internxt. If we take all the factors affecting the price of INXT 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, technological releases or politics.