Does NanoToken depend on Bitcoin? According to the correlation analysis, BTC and NAN have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was measured based on the previous 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 means that the prices of the coins are going in the opposite direction while the positive coefficient means that the prices are moving in the identical direction. For instance, if Bitcoin and NanoToken connection is positively strong, it means that when BTC is growing NAN will rise as well. The negative strong relation will point that when BTC is rising NAN price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NanoToken. If we take all the things affecting the price of NAN 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 things, such as news, events or crypto related laws.