Does Newbium depend on Bitcoin? According to the correlation analysis, BTC and NEWB have a strong positive relationship. The correlation coefficient of their prices is 0.68, which was measured 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 means that the prices of the coins are going in the contrary direction while the positive coefficient means that the prices are moving in the same direction. For example, if Bitcoin and Newbium connection is positively strong, it means that when BTC is growing NEWB will rise as well. The negative strong relation will point that when BTC is rising NEWB price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Newbium. If we take all the factors affecting the price of NEWB 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, technological releases or crypto related laws.