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Nexium (NXC)

Correlation

0.72

Influence

51.84%

Bitcoin and Nexium Correlation

Does Nexium depend on Bitcoin? According to the correlation analysis, BTC and NXC have a very strong positive relationship. The correlation coefficient of their prices is 0.72, which was calculated based on the last 100-days' price fluctuations of both assets.

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 currencies are moving in the reversed trend while the positive coefficient shows that the prices are going in the same direction. For instance, if Bitcoin and Nexium connection is positively strong, it means that when BTC is rising NXC will rise as well. The negative strong relation will tell that when BTC is rising NXC value will be in contrary lowering.

The knowledge of the correlation coefficient helps to compute in percentage the influence of Bitcoin over Nexium. If we take all the circumstances affecting the price of NXC as 100%, then the share of BTC price among these factors will be 51.84%. The other part which is 48.16% covers all the other circumstances, such as news, technological releases or politics.