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NetBit (NBIT)

Correlation

0.91

Influence

82.81%

Bitcoin and NetBit Correlation

Does NetBit depend on Bitcoin? According to the correlation analysis, BTC and NBIT have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was estimated based on the previous 100-days' price movements 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 indicates that the prices of the cryptocurrencies are going in the opposite trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and NetBit connection is positively strong, it means that when BTC is rising NBIT will rise as well. The negative strong relation will show that when BTC is growing NBIT value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over NetBit. If we take all the circumstances affecting the price of NBIT as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as media, technological releases or regulations.