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NeosCoin (NEOS)

Correlation

0.89

Influence

79.21%

Bitcoin and NeosCoin Correlation

Does NeosCoin depend on Bitcoin? Based on the correlation analysis, BTC and NEOS have a very strong positive relationship. The correlation coefficient of their prices is 0.89, which was calculated based on the last 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 indicates that the prices of the currencies are moving in the contrary direction while the positive coefficient indicates that the prices are going in the same direction. For example, if Bitcoin and NeosCoin connection is positively strong, it means that when BTC is rising NEOS will rise as well. The negative strong relation will show that when BTC is rising NEOS value will be in opposite decreasing.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over NeosCoin. If we take all the circumstances affecting the price of NEOS as 100%, then the share of BTC price among these factors will be 79.21%. The other part which is 20.79% covers all the other things, such as media, technological releases or politics.