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NeoCoin (NEC)

Correlation

0.82

Influence

67.24%

Bitcoin and NeoCoin Correlation

Does NeoCoin depend on Bitcoin? According to the correlation analysis, BTC and NEC have a very strong positive relationship. The correlation coefficient of their values is 0.82, which was computed 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 tells that the prices of the assets are going in the contrary direction while the positive coefficient tells that the prices are going in the identical trend. For example, if Bitcoin and NeoCoin connection is positively strong, it means that when BTC is growing NEC will rise as well. The negative strong relation will tell that when BTC is growing NEC price will be in contrary lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over NeoCoin. If we take all the aspects affecting the price of NEC as 100%, then the share of BTC price among these factors will be 67.24%. The other part which is 32.76% covers all the other factors, such as news, technological releases or regulations.