Does Neumark depend on Bitcoin? According to the correlation analysis, BTC and NEU have no or negligible relationship. The correlation coefficient of their values is -0.11, which was computed based on the last 100-days' price dynamics of both coins.
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 indicates that the prices of the assets are moving in the contrary direction while the positive coefficient tells that the prices are moving in the identical trend. For example, if Bitcoin and Neumark connection is positively strong, it means that when BTC is growing NEU will rise as well. The negative strong relation will tell that when BTC is rising NEU price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Neumark. If we take all the aspects affecting the price of NEU as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other things, such as news, technological releases or regulations.