Does Newton Coin depend on Bitcoin? Based on the correlation analysis, BTC and NCP have a strong positive relationship. The correlation coefficient of their values is 0.62, which was calculated based on the last 100-days' price fluctuations of both cryptocurrencies.
This coefficient may range 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 tells that the prices of the currencies are moving in the reversed trend while the positive coefficient means that the prices are moving in the identical direction. For example, if Bitcoin and Newton Coin connection is positively strong, it means that when BTC is growing NCP will rise as well. The negative strong relation will point that when BTC is growing NCP price will be in opposite lowering.
The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Newton Coin. If we take all the things affecting the price of NCP as 100%, then the share of BTC price among these factors will be 38.44%. The other part which is 61.56% covers all the other factors, such as media, technological releases or regulations.