Does Newton depend on Bitcoin? According to the correlation analysis, BTC and NEW have a strong negative relationship. The correlation coefficient of their prices is -0.59, which was computed based on the previous 100-days' price dynamics of both cryptocurrencies.
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 assets are going in the contrary trend while the positive coefficient points that the prices are moving in the identical direction. For example, if Bitcoin and Newton connection is positively strong, it means that when BTC is growing NEW will grow as well. The negative strong relation will point that when BTC is growing NEW value will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Newton. If we take all the circumstances affecting the price of NEW as 100%, then the share of BTC price among these factors will be 34.81%. The other part which is 65.19% covers all the other circumstances, such as media, technological releases or crypto related laws.