Does Nexus depend on Bitcoin? Based on the correlation analysis, BTC and NXS have no or negligible relationship. The correlation coefficient of their values is 0.19, which was calculated based on the previous 100-days' price dynamics of both coins.
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 indicates that the prices of the currencies are going in the contrary direction while the positive coefficient points that the prices are going in the same direction. For example, if Bitcoin and Nexus connection is positively strong, it means that when BTC is growing NXS will grow as well. The negative strong relation will indicate that when BTC is rising NXS value will be in contrary decreasing.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Nexus. If we take all the factors affecting the price of NXS as 100%, then the share of BTC price among these factors will be 3.61%. The other part which is 96.39% covers all the other things, such as media, technological releases or politics.