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NeverDie (NDC)

Correlation

0.68

Influence

46.24%

Bitcoin and NeverDie Correlation

Does NeverDie depend on Bitcoin? According to the correlation analysis, BTC and NDC have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured based on the last 100-days' price movements of both cryptocurrencies.

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 coins are moving in the opposite trend while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and NeverDie connection is positively strong, it means that when BTC is rising NDC will rise as well. The negative strong relation will point that when BTC is rising NDC value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over NeverDie. If we take all the aspects affecting the price of NDC 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 factors, such as media, events or politics.