Does Neurotoken depend on Bitcoin? According to the correlation analysis, BTC and NTK have a moderate positive relationship. The correlation coefficient of their prices is 0.38, which was estimated based on the previous 100-days' price dynamics of both coins.
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 shows that the prices of the cryptocurrencies are going in the contrary direction while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and Neurotoken connection is positively strong, it means that when BTC is rising NTK will rise as well. The negative strong relation will indicate that when BTC is growing NTK price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Neurotoken. If we take all the circumstances affecting the price of NTK as 100%, then the share of BTC price among these factors will be 14.44%. The other part which is 85.56% covers all the other aspects, such as news, technological releases or regulations.