Does NefariousCoin depend on Bitcoin? According to the correlation analysis, BTC and NEF have no relationship. The correlation coefficient of their values is 0.00, which was calculated based on the last 100-days' price dynamics of both assets.
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 currencies are moving in the contrary trend while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and NefariousCoin connection is positively strong, it means that when BTC is rising NEF will grow as well. The negative strong relation will point that when BTC is growing NEF value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NefariousCoin. If we take all the circumstances affecting the price of NEF as 100%, then the share of BTC price among these factors will be 0.00%. The other part which is 100.00% covers all the other circumstances, such as news, technological releases or crypto related laws.