Does Napoleon X depend on Bitcoin? Based on the correlation analysis, BTC and NPX have a very strong positive relationship. The correlation coefficient of their values is 0.77, which was estimated based on the last 100-days' price fluctuations 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 tells that the prices of the cryptocurrencies are moving in the reversed trend while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and Napoleon X connection is positively strong, it means that when BTC is rising NPX will rise as well. The negative strong relation will indicate that when BTC is growing NPX value will be in opposite lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Napoleon X. If we take all the things affecting the price of NPX as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as news, events or crypto related laws.