Does NEXO depend on Bitcoin? According to the correlation analysis, BTC and NEXO have no or negligible relationship. The correlation coefficient of their values is -0.15, which was computed based on the last 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 points that the prices of the assets are moving in the contrary direction while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and NEXO connection is positively strong, it means that when BTC is growing NEXO will rise as well. The negative strong relation will indicate that when BTC is rising NEXO price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over NEXO. If we take all the things affecting the price of NEXO as 100%, then the share of BTC price among these factors will be 2.25%. The other part which is 97.75% covers all the other things, such as media, technological releases or regulations.