⟷  

NetCoin (NET)

Correlation

0.91

Influence

82.81%

Bitcoin and NetCoin Correlation

Does NetCoin depend on Bitcoin? According to the correlation analysis, BTC and NET have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the last 100-days' price movements of both assets.

This coefficient may vary 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 shows that the prices of the currencies are moving in the opposite trend while the positive coefficient points that the prices are moving in the identical trend. For instance, if Bitcoin and NetCoin connection is positively strong, it means that when BTC is rising NET will rise as well. The negative strong relation will indicate that when BTC is growing NET price will be in contrary decreasing.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over NetCoin. If we take all the things affecting the price of NET 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 factors, such as media, technological releases or politics.