Does Neurocoin depend on Bitcoin? According to the correlation analysis, BTC and NRC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was calculated based on the last 100-days' price movements of both currencies.
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 currencies are moving in the opposite direction while the positive coefficient points that the prices are going in the identical trend. For example, if Bitcoin and Neurocoin connection is positively strong, it means that when BTC is rising NRC will rise as well. The negative strong relation will point that when BTC is rising NRC price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Neurocoin. If we take all the circumstances affecting the price of NRC 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 news, technological releases or crypto related laws.