Does NavCoin depend on Bitcoin? According to the correlation analysis, BTC and NAV have a strong positive relationship. The correlation coefficient of their values is 0.67, which was estimated based on the last 100-days' price fluctuations 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 tells that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and NavCoin connection is positively strong, it means that when BTC is rising NAV will rise as well. The negative strong relation will show that when BTC is growing NAV value will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over NavCoin. If we take all the aspects affecting the price of NAV as 100%, then the share of BTC price among these factors will be 44.89%. The other part which is 55.11% covers all the other things, such as media, events or regulations.