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NamoCoin (NAMO)

Correlation

0.91

Influence

82.81%

Bitcoin and NamoCoin Correlation

Does NamoCoin depend on Bitcoin? According to the correlation analysis, BTC and NAMO have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the last 100-days' price movements 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 indicates that the prices of the assets are moving in the opposite direction while the positive coefficient shows that the prices are going in the identical trend. For example, if Bitcoin and NamoCoin connection is positively strong, it means that when BTC is rising NAMO will rise as well. The negative strong relation will tell that when BTC is growing NAMO value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NamoCoin. If we take all the aspects affecting the price of NAMO 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, technological releases or crypto related laws.