Does Nebulas depend on Bitcoin? According to the correlation analysis, BTC and NAS have a very strong positive relationship. The correlation coefficient of their prices is 0.81, which was measured based on the previous 100-days' price dynamics of both coins.
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 contrary direction while the positive coefficient indicates that the prices are going in the identical trend. For example, if Bitcoin and Nebulas connection is positively strong, it means that when BTC is growing NAS will rise as well. The negative strong relation will indicate that when BTC is growing NAS price will be in contrary decreasing.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Nebulas. If we take all the things affecting the price of NAS as 100%, then the share of BTC price among these factors will be 65.61%. The other part which is 34.39% covers all the other aspects, such as media, events or regulations.