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Nebuchadnezzar (NEBU)

Correlation

0.91

Influence

82.81%

Bitcoin and Nebuchadnezzar Correlation

Does Nebuchadnezzar depend on Bitcoin? According to the correlation analysis, BTC and NEBU have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated 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 points that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient means that the prices are moving in the same trend. For instance, if Bitcoin and Nebuchadnezzar connection is positively strong, it means that when BTC is growing NEBU will grow as well. The negative strong relation will indicate that when BTC is rising NEBU value will be in opposite lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Nebuchadnezzar. If we take all the factors affecting the price of NEBU 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 circumstances, such as news, technological releases or regulations.