Does NewYorkCoin depend on Bitcoin? Based on the correlation analysis, BTC and NYC have a very strong positive relationship. The correlation coefficient of their values is 0.74, which was measured based on the last 100-days' price movements of both currencies.
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 points that the prices of the coins are moving in the opposite direction while the positive coefficient means that the prices are going in the identical direction. For example, if Bitcoin and NewYorkCoin connection is positively strong, it means that when BTC is growing NYC will grow as well. The negative strong relation will point that when BTC is growing NYC value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over NewYorkCoin. If we take all the circumstances affecting the price of NYC as 100%, then the share of BTC price among these factors will be 54.76%. The other part which is 45.24% covers all the other circumstances, such as media, technological releases or regulations.