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Nexty (NTY)

Correlation

0.23

Influence

5.29%

Bitcoin and Nexty Correlation

Does Nexty depend on Bitcoin? Based on the correlation analysis, BTC and NTY have a weak positive relationship. The correlation coefficient of their prices is 0.23, which was computed based on the previous 100-days' price dynamics of both currencies.

This coefficient may adjust 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 assets are going in the contrary direction while the positive coefficient means that the prices are moving in the same trend. For example, if Bitcoin and Nexty connection is positively strong, it means that when BTC is rising NTY will rise as well. The negative strong relation will indicate that when BTC is growing NTY value will be in opposite lowering.

The knowledge of the correlation coefficient helps to figure out in percentage the influence of Bitcoin over Nexty. If we take all the things affecting the price of NTY as 100%, then the share of BTC price among these factors will be 5.29%. The other part which is 94.71% covers all the other things, such as news, events or crypto related laws.