Does Neblio depend on Bitcoin? Based on the correlation analysis, BTC and NEBL have a strong positive relationship. The correlation coefficient of their prices is 0.57, which was measured based on the previous 100-days' price movements of both coins.
This coefficient may adjust 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 tells that the prices are moving in the identical direction. For instance, if Bitcoin and Neblio connection is positively strong, it means that when BTC is growing NEBL will rise as well. The negative strong relation will point that when BTC is growing NEBL price will be in opposite lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Neblio. If we take all the aspects affecting the price of NEBL as 100%, then the share of BTC price among these factors will be 32.49%. The other part which is 67.51% covers all the other circumstances, such as news, events or politics.