⟷  

NagaCoin (NGC)

Correlation

-0.30

Influence

9.00%

Bitcoin and NagaCoin Correlation

Does NagaCoin depend on Bitcoin? Based on the correlation analysis, BTC and NGC have a moderate negative relationship. The correlation coefficient of their values is -0.30, which was calculated based on the last 100-days' price dynamics of both coins.

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 tells that the prices of the currencies are moving in the contrary direction while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and NagaCoin connection is positively strong, it means that when BTC is growing NGC will rise as well. The negative strong relation will tell that when BTC is growing NGC price will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over NagaCoin. If we take all the things affecting the price of NGC as 100%, then the share of BTC price among these factors will be 9.00%. The other part which is 91.00% covers all the other things, such as media, technological releases or politics.