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Next.exchange Token (NEXT)

Correlation

0.80

Influence

64.00%

Bitcoin and Next.exchange Token Correlation

Does Next.exchange Token depend on Bitcoin? According to the correlation analysis, BTC and NEXT have a very strong positive relationship. The correlation coefficient of their prices is 0.80, which was calculated based on the previous 100-days' price fluctuations 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 shows that the prices of the currencies are going in the reversed trend while the positive coefficient shows that the prices are moving in the identical trend. For instance, if Bitcoin and Next.exchange Token connection is positively strong, it means that when BTC is rising NEXT will rise as well. The negative strong relation will show that when BTC is rising NEXT value will be in opposite lowering.

The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Next.exchange Token. If we take all the aspects affecting the price of NEXT as 100%, then the share of BTC price among these factors will be 64.00%. The other part which is 36.00% covers all the other things, such as news, technological releases or regulations.