Does NewInvestCoin depend on Bitcoin? According to the correlation analysis, BTC and NIC have a very strong positive relationship. The correlation coefficient of their values is 0.91, which was computed based on the previous 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 going in the contrary direction while the positive coefficient tells that the prices are going in the same trend. For instance, if Bitcoin and NewInvestCoin connection is positively strong, it means that when BTC is growing NIC will rise as well. The negative strong relation will indicate that when BTC is growing NIC price will be in opposite lowering.
The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over NewInvestCoin. If we take all the things affecting the price of NIC 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 factors, such as media, events or regulations.