⟷  

Network Token (NTWK)

Correlation

0.68

Influence

46.24%

Bitcoin and Network Token Correlation

Does Network Token depend on Bitcoin? Based on the correlation analysis, BTC and NTWK have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was estimated based on the last 100-days' price movements of both coins.

This coefficient may range 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 cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are moving in the identical direction. For example, if Bitcoin and Network Token connection is positively strong, it means that when BTC is rising NTWK will rise as well. The negative strong relation will indicate that when BTC is growing NTWK value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Network Token. If we take all the circumstances affecting the price of NTWK as 100%, then the share of BTC price among these factors will be 46.24%. The other part which is 53.76% covers all the other things, such as media, events or regulations.