Does NEO depend on Bitcoin? Based on the correlation analysis, BTC and NEO have a very strong positive relationship. The correlation coefficient of their prices is 0.77, which was calculated based on the previous 100-days' price dynamics of both currencies.
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 currencies are going in the contrary direction while the positive coefficient indicates that the prices are going in the same direction. For instance, if Bitcoin and NEO connection is positively strong, it means that when BTC is rising NEO will grow as well. The negative strong relation will indicate that when BTC is growing NEO value will be in contrary lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over NEO. If we take all the factors affecting the price of NEO as 100%, then the share of BTC price among these factors will be 59.29%. The other part which is 40.71% covers all the other aspects, such as news, events or politics.